Okla. Admin. Code § 605:10-11-2

Current through Vol. 42, No. 3, October 15, 2024

Section 605:10-11-2 - [Effective 11/1/2024] Associate licenses

(a)License issuance and change request. Each associate license shall be issued electronically to each associate through the individual License Portal. Upon an associate leaving the association of the broker, the associate's license shall be updated electronically after receiving a release or transfer executed by the broker. Any change of association from one firm to another, or relocation from one office to another within a firm by an associate must be filed in the Commission office within ten (10) days. The associate's new broker shall be required to provide consent to sponsor the associate with the Commission. An associate requesting an association or office change shall be required to pay a fee of Forty Dollars ($40.00).

(b)Broker refusal to release associate. In the event a broker refuses for any reason to release an associate, the associate shall notify the broker and Commission in writing of the disassociation. Upon receipt by the Commission of such notice, the Commission will provide one (1) additional email notice to the broker and shall release the licensee within three (3) business days.

(c)Associates transfer. When an affiliated associate leaves a broker for whom the associate is acting, the broker shall make every attempt to notify the associate of the disassociation.

(d)Active associate may continually act. An active associate transferring from one broker to a new broker may continually act if the change is done in a timely manner and in compliance with the ten (10) day notification requirement and other applicable rules of this Chapter.

(e)Compensation due a disassociated associate. A previous broker may pay compensation due a disassociated associate directly to the associate and not be required to make the payment through the associate's new broker. However, any agreements between the associate and prior broker requiring further activities to be performed in connection with the compensation to be received, can only be performed with consent and acknowledgement of the new broker.

(f)Change of home address. An associate is required to notify the Commission office of his or her current home address. The change shall be filed in the Commission office within ten (10) days of change.

Okla. Admin. Code § 605:10-11-2

Amended at 8 Ok Reg 2071, eff 7-1-91; Amended at 14 Ok Reg 3031, eff 7-11-97; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 20 Ok Reg 2563, eff 7-11-03; Amended at 27 Ok Reg 1940, eff 7-1-10; Amended at 29 Ok Reg 1402, eff 7-1-12

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 11/1/2020

Amended by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 11/1/2021

Amended by Oklahoma Register, Volume 40, Issue 23, August 15, 2023, eff. 11/1/2023

Amended by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 11/1/2024