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. Effect of Amendment 2024 Act No. 204, SECTION 3, in (B), in the first sentence, substituted "associate" for "salesperson"; and added (C).