In September, On January 1 California signed a regulation that became effective, 2009 regarding companies facilitating 1031 exchanges. The brand-new law holds Qualified Intermediaries (QI) to new requirements on property exchanges occurring in that condition. California wasn’t the first – Nevada and Idaho experienced previously approved legislation on the Qualified Intermediary industry. But, California approved legislation that gets the intent to protect consumers while reducing costly and burdensome legislation to 1031 exchange companies that were certain to be passed on to consumers. The California 1031 rules has become a model of consumer security for other claims, such as Colorado, Arizona, and Washington, considering similar legislation now.
Some of the requirements include requiring 1031 exchange facilitators keep up bonding and insurance. They require Qualified Intermediary companies to inform clients of any change in the business’s control (as in a sale or other controlling change in general management). The California laws also require exchange companies to get exchange client money in a way that meets “prudent investor standards”. This last point is, perhaps, the most crucial measure included.
No much longer will exchange companies have the ability to loan funds to affiliate marketers or owners to invest in other “investments” (bank-owned Qualified Intermediaries are exempt when depositing funds in a bank or investment company accounts with a parent bank or investment company). This comes after on the heels of the recent industry failures that have affected a substantial amount of 1031 exchange clients.
A couple of high-profile instances involve 1031 Tax Group and Southwest 1031 Exchange. LandAmerica Financial Corporation’s recent personal bankruptcy filing (due to LandAmerica Exchange’s insufficient liquid investments) reiterated the point that additional assistance and legislation were necessary. Exchange intermediaries that are located to have not held the money in a wise manner – or otherwise fail to meet up with the “model law” requirements – could be subject to civil and legal penalties.
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It also provides some recourse to wounded exchange clients to file a state against the required bonding, cash debris, or words of credit. States that follow are using the California “model law” as a template for sound, practical legislation that doesn’t create undue burden on exchange companies while, at the same time, providing safety to consumers. Each state, probably, will have their own changes to the model. But the California 1031 rules is a pleasant trend for honest, wise exchange companies and the clients that employ them to assist in their 1031 exchange taxes strategy.
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