21.20.135 - License as salesperson or broker-dealer prerequisite to suit for commission.

License as salesperson or broker-dealer prerequisite to suit for commission.

No suit or action shall be brought for the collection of a commission for the sale of a security, as defined within this chapter without alleging and proving that the plaintiff was a duly licensed salesperson for an issuer or a broker-dealer, or exempt under the provisions of RCW 21.20.040, or a duly licensed broker-dealer in this state or another state at the time the alleged cause of action arose.

[1979 ex.s. c 68 § 10; 1974 ex.s. c 77 § 3; 1961 c 37 § 10.]

Notes: Effective date -- 1974 ex.s. c 77: See note following RCW 21.20.040.