OFFICE OF THE ATTORNEY QENERAL OF l-E= 

AUSTIN 

Honorable Wallace Soott 

Seourltle~ Conulllsslonar 

Secretary of State*e Office 

Austin, Taxer 

Dear sir: 

lers* Lioenae Act? 

requ,mting en opiaea 18 herein otetaa 

har been reoe 

tar ea r0110ws; 

this office requested 

ment as to whether 

Hanaook hwxil =a 

n No,. o-19e5, rtetea: 

prorlfalons or the above mant a0 not apply to, ana the 

eal F$statc Dealer” and “Reel 

Estate Saleman= as above aetinea by 

the statute, a0 not inelude any person 

or co5pwly who, a8 owner or lessor, 

perfonrj. any of the act8 eet out in Seotion 2, Subdivision {a) with reference 
Honorable Wall800 SOott, Page 2 

to property owned or leaoed by them, 

or to the regular elz;loyees thereof 

with r+ierenoe to the property owned 

or leaoed by such person or coqmy 

where such acts am performd in the 

regular course of, or as imident to, 

the manage;;ent of such property and 

the investment therein, unless such 

perecn or ooclpany is engaged in the 

bual>.ess of buyfng, selling, exchanging, leasing, or rent.lng ar r,ropTrty 

and holding hlmaelt or itself out as 

a full or pert-tLne deal.er in ma1 

estate. Ws believe ?hat the buying, 

selllrg, exchanging, leasing, or xentlng or property obtained under foreolosure proceedings by the oo.r,paniea 

above named or Like oompanles would be 

acts performed In the regular course 

of, or as lnoident to, the managePrent 

or suoh property anb the lnvestaient 

therein. 

~Therefore , you are respectfully 

advised that it in the oplnlon of thie 

department that the John Eancocrk Eutucll 

Insurance aoqany and the Jerferron 

Standard Life, Health and AaoiCent Insurance Coffipany and like oo&panles when 

engaged in the above luentlxed acts would 

not be subject to the Real Zstate Dealers Lioense Aat.* 

“This depertmnt would now appreolete your 

opinion as to whether or not the execlptlon fn subdfvistsn (a) of Saatlon 2 with referenoe to property owned or leased by thes or to the regular effiplcyees thereof with reference to property owned 

or leased by such pemoc or ompany where such 

aots are prformd in the regular oourse oi or aa 

pertaining to the management of such property and 

investment therein extend3 to the negotiation of 

loans by suah company. You state in your opinion 

aa Quoted abeve that suoh oonpaniea would not be 

subject to the Act when en&aged in buying, eelling, exchaiiglng, leaalng or renting of property 

ot~:mined under Ioraoloaura prooeedln~:s by such oomQany . 
Honorable Wallace Soott, Page 3 

%ueh ooliipanias in ad&ition to the act:vi 

ties referred to in your opinion quoted above 

are also engage6 in the solicltatlon of loans, 

the mney lent being lltoney of such cozr+aoies. 

"he would, therefore, appreolate your aavice now BY to whether by negotlatisn of loans 

of their own eoney, they become subjeot to the 

Real E&ate Dealers' Lioenne Act?" 

The applicable portlohs OS Howe Bill No. 17, 

aa passed by the Forty-sixth Legislature, aol;z~only known 

and cited as "The Real.Estate Dealers' License Act" are 

quoted In our opinion No. O-1925. Vie are enclosing a copy 

of this opinion and will not quote the applicable portions 

thereor above referred to. 

Gpinion No. O-1925, su~ra, holde ~that the buying, 

aelllng, exchanging, leaslhg, or renting of property obtained under foreolosure prooeedlhgs by the companies above 

named or like oor;panles would be aots performed in the regnlar course, or a6 inoiaent to, the management of suoh property and the investment therein and that the John Henoook 

Mutual Insurance Company and the Jelferson Standard Life, 

Health and AcOibnt Insurance Company and like companies 

when engaged in the above mentioned eats would not be aubjeot to the Real Estate Dealers1 License Aot. 

IF. the request we now have uoder oonslderation, 

we have a question alfferent fro&i the question presented 

in the original inquiry in Opinion ?;o. O-1925 and one that 

was not passed upon in that opinion. 

Subtilvlsisn (a) of Section 2 of House Rlll No. 17, 

as passed by the Forty-sixth Legislature, aupra, among other 

things spaoifioully provides that: 

"The tern *Zeal Estate Dealer' shall lnelude every person or ooppany, other than a 

salesz.an, and licensed and registered attornws. who for another or others for oortipensation or other vai%able consideration, . . . 

negotiates, or offera, or attempts, or agrees 

to negotiate a loan, secured or to be scoured 

by rrortgage or other ineubrance u9on the 

trszafer of raslestate: . . ." 
Ronorable Wallace Scott, Page 4 

It will be noted under the above quoted proVision of Aoxse Bill 1~0. 17, Acts of the Forty-sixth Leglslature, supra, that the term "Real Estate Dealer" inoludes 

every person or oompsny, other than a salesman, and licensed 

and registered attorneys, who for another or others for compensation or other valuable OOnSiderati~m, negotiates, or 

offers, or attempts, or agrees to negotiate a loan, secured 

or to be seaured by mortgage or other inoumbranoe upon the 

real estate are lnoluded within the definition of the term 

"Real Estnte Dealer". We are of the opinion that sub -division 

(a) of Section 2 of House Bill No. 17, supra, olearly doe8 

not by its terms Inolude a person or company who negotiates 

loans of their own money. 

Therefore, your, question is respectfully answered 

In the negative. 

Trusting that the foregoing fully answers your inquiry, we are 

Yours very truly 

ATTORREY GENERAL OF TEXAS 

ByeoA 

Ardell Wllllame 

Assistant 

APPROVEDJUN 7, 1940 

Ul3---+/ 

ATTORNEY GENERAL Or' TEXAS 

COMMITTEE