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.
Signed February 3, 2022
Catchlines are not law. (§ 2-16-13.1) Underscores indicate new language.
Overstrikes
indicate deleted language.