§16-99-5.1

Involuntary inactive license status

§16-99-5.1 (a)(4)  The phrase “commission approved” was replaced with “pursuant to Section 16-99-3(o)” for consistency with Section 16-99-3(o), which is being amended.

New Rule
Old Rule
(a) An individual’s license shall be placed on an involuntary inactive status upon the occurrence of one or more of the following: (4) The principal broker is unable to act in the case of prolonged illness or death and no temporary principal broker has been designated pursuant to section 16-99-3(o);
(a) An individual’s license shall be placed on an involuntary inactive status upon the occurrence of one or more of the following: (4) The principal broker is unable to act in the case of prolonged illness or death and no commission approved temporary principal broker has been designated;

§16-99-5.1 (d) The proposed new subsection clarifies the circumstances under which a brokerage’s real estate license shall be involuntarily placed on inactive status.

New Rule
Old Rule
(d) A brokerage firm’s license, whether a corporation, limited liability company or partnership, shall be placed on an involuntary inactive status upon the occurrence of one or more of the following:

(1) The principal broker’s license is placed on an inactive, forfeited, suspended, revoked, or terminated status;

(2) The brokerage firm is no longer registered with the business registration division

(3) The principal broker is unable to act in the case of prolonged illness or death and no temporary principal broker has been designated pursuant to section 16-99-3(o);

(4) The brokerage firm has no approved place of business;

(5) The principal broker is absent from the place of business for more than thirty days, or moves out-of-state, and no commission approved temporary principal broker or broker-in-charge has been designated pursuant to section 16-99-3(o).

NA