Section 36-21A-38 - Qualifying broker to sign firm's license application-- Termination ofqualifying broker's affiliation--Application fee.
36-21A-38. Qualifying broker to sign firm's license application-- Termination of qualifying broker's affiliation--Application fee. No license may be granted to a corporation, limited liability company, partnership or association, unless the corporation, limited liability company, partnership or association designates one or more qualifying brokers who own a substantial interest in and represent the corporation, partnership or association. The qualifying broker shall sign the application for the license. Upon the termination of a qualifying broker's affiliation with the firm, the firm shall name one or more new qualifying brokers and notify the commission in writing. The application fee for a firm license shall be set out by rule promulgated by the commission pursuant to chapter 1-26 and may not exceed one hundred dollars.
Source: SL 1992, ch 273, § 38; SL 1994, ch 351, § 80A; SL 2008, ch 191, § 44.