(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 salesperson 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.
HISTORY: 2016 Act No. 170 (S.1013), Section 1, eff January 1, 2017.
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