HB0228 • 2015

Subdivision-family exception.

AN ACT relating to real property; providing an exemption to requirements for subdividing real property for family members when the real property is held in a trust controlled by the grantor as specified; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Representative Greear
Last action: 2015-03-12
Official status: enrolled
Effective date: 7/1/2015

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0228SS001

Standing Committee • SCorporations

Adopted

Plain English: Adopted Standing Committee by SCorporations

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2015-03-12 LSO
Assigned Chapter Number
2015-03-12 Governor
Governor Signed HEA No. 0097
2015-03-04 Senate
S President Signed HEA No. 0097
2015-03-03 House
H Speaker Signed HEA No. 0097
2015-03-03 LSO
Assigned Number HEA No. 0097
2015-03-03 House
H Concur:Passed 59-0-1-0-0
2015-03-02 House
H Received for Concurrence
2015-03-02 Senate
S 3rd Reading:Passed 30-0-0-0-0
2015-02-27 Senate
S 2nd Reading:Passed
2015-02-26 Senate
S COW:Passed
2015-02-26 Senate
Amendment Adopted
2015-02-26 Senate
S Placed on General File
2015-02-26 Senate
Corporations:Recommend Amend and Do Pass 5-0-0-0-0
2015-02-10 Senate
S Introduced and Referred to S07 - Corporations
2015-02-06 Senate
S Received for Introduction
2015-02-06 House
H 3rd Reading:Passed 59-0-1-0-0
2015-02-05 House
H 2nd Reading:Passed
2015-02-04 House
H COW:Passed
2015-02-03 House
H Placed on General File
2015-02-03 House
Corporations:Recommend Do Pass 8-0-1-0-0
2015-02-02 House
H Introduced and Referred to H07 - Corporations
2015-02-02 House
H Received for Introduction
2015-01-30 LSO
Bill Number Assigned

Official Summary Text

Summary for LSO115
Bill No.:
HB0228
Effective
:
7/1/2015

LSO No.:
15LSO-0569

Enrolled Act No.:
HEA 97

Chapter No.:
186

Prime Sponsor:
Greear

Catch Title:
Subdivision-family exception.

Subject:
Provides an exemption to the statutory requirements to subdivide land.

Summary/Major Elements:

Currently in statute, the subdivision of land for the purpose of a sale or gift to an immediate family member is exempt from the provisions of the Real Estate Subdivisions Statutes (W.S. 18-5-301 through 18-5-318) if the land to be subdivided is held in the name of the grantor.

This Act extends the immediate family exemption from the subdivision laws to include land held:

I
n the name of a trust controlled by the grantor;
or

By a
business entity with at least an 80% ownership interest by immediate family members or
a business entity
held in a trust controlled by immediate family members
of
the grantee.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

Read the full stored bill text

ORIGINAL
House
Bill No
.
HB0228

ENROLLED ACT NO. 97,

HOUSE OF REPRESENTATIVES

SIXTY-THIRD LEGISLATURE OF THE STATE OF WYOMING
2015 General Session

AN ACT relating to real property; providing an exemption to requirements for subdividing real property for family members when the real property is held in a trust controlled by the grantor as specified; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 18
‑
5
‑
303(
a)(
i
)(C)
and (E)
is amended to read:

18
‑
5
‑
303
.

Exemptions from provisions.

(a)

Unless the method of sale or other disposition is adopted for the purpose of evading the provisions of this article, this article shall not apply to the following subdivisions of land however, the following subdivisions are subject to requirements which may be adopted by the board of county commissioners regarding documentation of the proper use and implementation of the following exemptions:

(
i
)

A division of land made outside of platted subdivisions for the purpose of a single gift or sale to a member of the landowner's immediate family, subject to the following requirements:

(C)

The land shall have been titled in the name of the grantor
, or in the name of a trust controlled by the grantor,
for a
combined
period of not less than five (5) years prior to the division and parcels created under this paragraph shall be titled in the name of the immediate family member for whom the division is made for a period of not less than one (1) year unless such parcels are subject to involuntary transfer including, but not limited to,
foreclosure, death, judicial sale, condemnation or bankruptcy;

(E)

Where the landowner is a
corporation
business entity
and eighty percent (80%) of the
ownership interest or
shares
in the business entity
are held by
, or in the name of a trust controlled by,
individuals related by blood or marriage, the sale or gift may be made subject to the provisions of this section to an immediate family member of any shareholder who has owned at least five percent (5%) of the outstanding shares for at least five (5) years continuously before the date of the sale or gift.

Section
2
.

This
act is effective July 1,
2015
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the
House
.

Chief Clerk

1