58-3084. Expiration, suspension, deactivation or revocation of certain licenses; effect on pending closings.
58-3084
58-3084. Expiration, suspension, deactivation orrevocation ofcertain licenses; effect on pending closings.(a) A supervising broker or branch broker whose license isexpired or is suspended, deactivated or revoked may not personallyfinalize any pendingclosings. This responsibility must be given to another broker, an attorney, afinancial institution or an escrow company.
(b) If the commission has not authorized another broker to act as thesupervising broker or branch broker, transfer of the responsibility forfinalizing a pending closing shall be done with the written approval of allparties to the transaction.
(c) If the commission has not authorized another broker to act as thesupervising broker or branch broker, all parties to the transaction shall beadvised of the facts concerning the situation concerning the status of thelicense of the supervising broker or branch broker and shall be provided thename, address and telephone number of the responsible entity where all trustand escrow moneys will be held in accordance with the written agreement of theparties to the transaction.
(d) The provisions of this section shall be a part of and supplemental to theKansas real estate brokers' and salespersons' license act.
History: L. 2007, ch. 88, § 14;L. 2009, ch. 7, § 8; July 1.