§ 40-57-330 — Broker-in-charge license requirements; active broker or associate must be licensed under broker-in-charge.

(A) A broker-in-charge license may not be issued to or renewed for an applicant unless the applicant: (1) has an ownership interest in the applicant's company; or (2) is actively engaged in the operation and management of the company. (B) An individual holding an active broker or associate license must be licensed under a broker-in-charge who is licensed by the commission and may not be licensed during the same period with more than one broker-in-charge. When a licensee becomes disassociated with a broker-in-charge, he immediately shall notify the commission by completion of the proper form. The licensee must furnish a new business address to the commission, the authorization of the new broker-in-charge, and proof of notification to the former broker-in-charge. (C) When a designated broker-in-charge becomes disassociated with the office registered with the commission, the broker-in-charge shall notify the commission within five days. The broker-in-charge designation will be removed and the licensee's license will be deactivated.

Legislative History

HISTORY: 2016 Act No. 170 (S.1013), SECTION 1, eff January 1, 2017; 2024 Act No. 204 (H.4754), SECTION 3, eff May 21, 2024. Effect of Amendment 2024 Act No. 204, SECTION 3, in (B), in the first sentence, substituted "associate" for "salesperson"; and added (C).