An Act to revise notice and record keeping requirements of real estate brokerages.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That § 36-21A-39 be AMENDED:

36-21A-39. Upon dissolution of a corporation, partnership, limited liability company, or association, the responsible broker shall immediately return the firm license to notify the commission within ten days by mail or e-mail.

Section 2. That § 36-21A-52 be AMENDED:

36-21A-52. Each person licensed under this chapter shall register the following place of business with the commission:

(1) For a broker associate or real estate salesperson, the licensee's responsible broker's place of business; or

(2) For a responsible broker or restricted broker, the licensee's main place of businesswhere all work files are physically maintained and, where the commission may send official communication.

In case of removal from the registered address, the licensee and responsible broker shall give written notice to the commission before the removal or within ten days after removal. Failure of a licensee to register a new place of business shall result in that person's license being placed on inactive statusIf a licensee fails to register a new place of business, the commission must place the licensee on inactive status.