Action by broker to collect compensation

No action or suit shall be instituted, nor recovery be had by any person, in any court of this state for compensation for any act done or service rendered, the doing or rendering of which is prohibited under this chapter to other than by licensed brokers, affiliate brokers or time-share salespersons, unless the person was duly licensed under this chapter as a broker, affiliate broker or time-share salesperson at the time of performing or offering to perform any such act or service or procuring any promise or contract or the payment of compensation for any such contemplated act or service. Acts 1973, ch. 181, § 6; 1981, ch. 473, § 3; T.C.A., § 62-1308; Acts 1989, ch. 89, §§ 3, 4. No action or suit shall be instituted, nor recovery be had by any person, in any court of this state for compensation for any act done or service rendered, the doing or rendering of which is prohibited under this chapter to other than by licensed brokers, affiliate brokers or time-share salespersons, unless the person was duly licensed under this chapter as a broker, affiliate broker or time-share salesperson at the time of performing or offering to perform any such act or service or procuring any promise or contract or the payment of compensation for any such contemplated act or service. Acts 1973, ch. 181, § 6; 1981, ch. 473, § 3; T.C.A., § 62-1308; Acts 1989, ch. 89, §§ 3, 4.