In September, On January 1 California signed a regulation that became effective, 2009 regarding companies facilitating 1031 exchanges. The new law holds Qualified Intermediaries (QI) to new requirements on property exchanges taking place in that condition. California wasn’t the first – Nevada and Idaho had previously approved legislation on the Qualified Intermediary industry. But, California exceeded legislation that has the intent to protect consumers while reducing costly and burdensome legislation to 1031 exchange companies that were certain to be offered to consumers. The California 1031 law has turned into a style of consumer protection for other state governments, such as Colorado, Washington, and Arizona, now considering similar legislation.
Some of certain requirements include needing 1031 exchange facilitators to keep up bonding and insurance. They require Qualified Intermediary companies to notify clients of any change in the company’s control (as with a sale or other controlling change in general management). The California regulation also requires exchange companies invest exchange client money in a manner that meets “prudent trader standards”. This last point is, perhaps, the most important measure included.
No much longer will exchange companies have the ability to loan money to affiliate marketers or owners to fund other “investments” (bank-owned Qualified Intermediaries are exempt when depositing money in a bank or investment company accounts with a parent bank or investment company). This comes after on the pumps of the recent industry failures that have affected a significant number of 1031 exchange clients.
A handful of high-profile situations involve 1031 Tax Group and Southwest 1031 Exchange. LandAmerica Financial Corporation’s recent bankruptcy filing (due to LandAmerica Exchange’s insufficient liquid investments) reiterated the idea that additional guidance and rules were necessary. Exchange intermediaries that are located to never have held the funds in a wise manner – or otherwise fail to meet the “model law” requirements – could be at the mercy of civil and legal penalties.
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It also gives some recourse to wounded exchange clients to file a claim against the required bonding, cash debris, or words of credit. States that follow are employing the California “model law” as a template for audio, practical legislation it doesn’t create an undue burden on exchange companies while, at the same time, providing protection to consumers. Each continuing state, probably, will have their own changes to the model. But the California 1031 rules is a pleasant trend for moral, advisable exchange companies and the customers that employ them to assist in their 1031 exchange tax strategy.
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