2019 Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-11 Rhode Island Uniform Securities Act
Section 7-11-201 Broker-dealer and sales representative licensing.
§ 7-11-201. Broker-dealer and sales representative licensing.
(a) No person may transact business in this state as a broker-dealer or sales representative unless licensed or exempt from licensing under this chapter.
(b) No broker-dealer licensed under this chapter and no issuer may employ a person as a sales representative in this state unless the sales representative is licensed or exempt from licensing under this chapter.
(c) No broker-dealer or issuer engaged in offering securities in this state may employ, directly or indirectly, a person to engage in any activity in this state contrary to a suspension or bar from association with a broker-dealer or investment adviser imposed against that person by the director. No broker-dealer or issuer violates this subsection unless the broker-dealer or issuer knows or in the exercise of reasonable care should know of the suspension or bar. Upon request from a broker-dealer or issuer and for good cause shown, the director, by order, may waive the prohibition of this subsection regarding a person suspended or barred.
History of Section.
(P.L. 1990, ch. 460, § 2.)
