2006 Louisiana Laws - RS 37:1441 — Return of license or registration upon transfer or termination

§1441.  Return of license or registration upon transfer or termination

A.  When the association of an associate broker or salesperson with his sponsoring broker is terminated by either party for any reason, the sponsoring broker shall send the associate broker's or salesperson's license, by hand delivery or by certified or registered mail, to the commission within five days of such termination.  No associate broker or salesperson shall act as such, either directly or indirectly, under authority of such license after the date the license has been dispatched to the commission.  Such associate broker or salesperson, upon sponsorship by another licensed broker, shall be entitled to transfer the license upon written request and payment of the required fee; however, not more than one license shall be issued to any associate broker or salesperson for the same period of time.

B.  When the association of a timeshare sales registrant with his registered developer is terminated by either party for any reason, the developer shall send the sales registration certificate, by hand delivery or certified or registered mail, to the commission within five days of such termination.  Any timeshare sales registrant who wishes to begin a new business relationship with another developer shall notify the commission, in writing and by certified or registered mail, prior to beginning that business relationship.  No timeshare sales registrant shall act as such, either directly or indirectly, under authority of such registration after the certificate has been dispatched to the commission.  Such timeshare registrant shall, upon acceptance by a new developer, be allowed to transfer his registration to that developer upon receipt of all appropriate fees and paperwork.

C.  When the association of a  designated qualifying broker with a corporation, limited liability company, or partnership is terminated by either party for any reason, the following actions shall be taken:

(1)  The designated qualifying broker shall notify all associate brokers and salespersons sponsored by him in writing by certified or registered mail of the termination and the effective date of the termination.

(2)  Neither the licensed corporation, limited liability company, or partnership, nor any associate broker or salesperson sponsored by the terminated designated qualifying broker, shall engage in any real estate activity requiring licensing until a new qualifying broker has been designated by the corporation, limited liability company, or partnership and the designation has been reflected in the files of the commission.

(3)  Upon designation of a new qualifying broker, the outgoing qualifying broker shall deliver the licenses of all sponsored licensees to the new designated qualifying broker.

(4)  The new designated qualifying broker shall inform all associate brokers or salespersons licensed with the corporation, limited liability company, or partnership in writing by certified or registered mail of his designation as qualifying broker and of the effective date of the designation not later than five days following the effective date of the designation.

(5)  The outgoing qualifying broker shall return his license as qualifying broker for the corporation, limited liability company, or partnership to the commission within five days following the effective date of the designation of the new qualifying broker.

Acts 1978, No. 514, §1.  Acts 1986, No. 839, §1; Acts 1995, No. 1207, §1; Acts 1997, No. 845, §1.