SECTION 605:10-11-2. Associate licenses

(a)   License issuance and change request. Each associate license shall be issued to the associate's broker, who shall retain custody of such license. Upon an associate leaving the association of the broker, the associate's license shall be returned to the Commission, together with a release 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 file a consent agreement to sponsor said associate on a form provided by the Commission. An associate requesting an association or office change shall be required to pay a fee of Twenty-five Dollars ($25.00).

(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 by certified mail of the disassociation and furnish the Commission a sworn statement that the notification has been sent to the broker. Upon receipt by the Commission of the aforementioned statement, the Commission shall release the licensee.

(c)   Group change requests. Under certain circumstances as determined by the Commission, the Commission may place a cap of Seven Hundred Fifty Dollars ($750.00) on group transactions requesting licenses to be reissued. To qualify, the request must be received complete and require no further correspondence and/or documents except for the issuance of the licenses.

(d)   Associates transfer. When an affiliated associate leaves a broker for whom the associate is acting, the broker shall immediately cause the license of that associate to be forwarded to the Commission along with a release of association form. The broker shall make every attempt to notify the associate of the disassociation.

(e)   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.

(f)   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 such 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.

(g)   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 the change. No fee is required to change the licensee's records; however a fee of Twenty-five Dollars ($25.00) will be charged if the change requires a new license to be issued.

[Source: 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]