AN ACT
ENTITLED, An Act
to revise certain restrictions of activities of real estate licensees.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 36-21A-45 be amended to read as follows:
36-21A-45. A real estate salesperson's or broker associate's license is inactive if the real estate salesperson or broker associate ceases to be associated with a real estate broker or a licensed firm.
Section 2. That § 36-21A-46 be amended to read as follows:
36-21A-46. No licensed salesperson or broker associate may own a substantial interest in a real estate brokerage business or firm. This section does not apply to an interest acquired before July 1, 1992.
Section 3. That § 36-21A-57 be amended to read as follows:
36-21A-57. The change of association by an active real estate salesperson or broker associate without notice to the commission may cause cancellation of the license by the commission.
Section 4. That § 36-21A-58 be amended to read as follows:
36-21A-58. A salesperson or broker associate who is without an employing broker may renew the license by submitting the renewal fee, together with the completed renewal application on which the licensee has noted inactive status. An inactive salesperson or broker associate whose license has been renewed may not engage in the real estate business until the licensee secures a new employing broker.
Section 5. That § 36-21A-59 be amended to read as follows:
36-21A-59. No real estate salesperson or broker associate may perform any of the acts contemplated by this chapter, either directly or indirectly after the licensee's association has been terminated and before becoming associated with another broker and has been notified of the registration by the commission. A violation of this section is a Class 1 misdemeanor.
An Act to revise certain restrictions of activities of real estate licensees.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 36-21A-45 be amended to read as follows:
36-21A-45. A real estate salesperson's or broker associate's license is inactive if the real estate salesperson or broker associate ceases to be associated with a real estate broker or a licensed firm.
Section 2. That § 36-21A-46 be amended to read as follows:
36-21A-46. No licensed salesperson or broker associate may own a substantial interest in a real estate brokerage business or firm. This section does not apply to an interest acquired before July 1, 1992.
Section 3. That § 36-21A-57 be amended to read as follows:
36-21A-57. The change of association by an active real estate salesperson or broker associate without notice to the commission may cause cancellation of the license by the commission.
Section 4. That § 36-21A-58 be amended to read as follows:
36-21A-58. A salesperson or broker associate who is without an employing broker may renew the license by submitting the renewal fee, together with the completed renewal application on which the licensee has noted inactive status. An inactive salesperson or broker associate whose license has been renewed may not engage in the real estate business until the licensee secures a new employing broker.
Section 5. That § 36-21A-59 be amended to read as follows:
36-21A-59. No real estate salesperson or broker associate may perform any of the acts contemplated by this chapter, either directly or indirectly after the licensee's association has been terminated and before becoming associated with another broker and has been notified of the registration by the commission. A violation of this section is a Class 1 misdemeanor.
An Act to revise certain restrictions of activities of real estate licensees.
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I certify that the attached Act originated in the
SENATE as
Bill
No.
57
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____________________________
Secretary of the Senate
Secretary of the Senate
____________________________
President of the Senate
President of the Senate
Attest:
____________________________
Secretary of the Senate
Secretary of the Senate
____________________________
Speaker of the House
Attest:
____________________________
Chief Clerk
Chief Clerk
Senate
Bill
No.
57
File No. ____
Chapter No. ______=========================
Received at this Executive Office this ____ day of _____________ ,
File No. ____
Chapter No. ______
Received at this Executive Office this ____ day of _____________ ,
19___ at _____ M.
By _________________________
for the Governor
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 19___
____________________________
Governor
Governor
STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State
Filed ____________ , 19___
at _________ o'clock __ M.
____________________________
Secretary of State
Secretary of State
By _________________________
Asst. Secretary of State
