(a) For the purposes of qualifying for, maintaining,
or renewing a license, a business entity must designate a broker to
act for it. The business entity may not act as a broker during any
period in which it does not have a designated broker to act for it
who meets the requirements of the Act. To obtain or renew a license,
or upon any change in the business entity's designated broker, the
entity must provide proof to the commission of the designated broker's
current status as an officer, manager or general partner for that
entity and proof that the business entity maintains appropriate errors
and omissions insurance if the designated broker does not own directly
at least 10 percent of the entity. A broker may not act as a designated
broker at any time while the broker's license is inactive, expired,
suspended or revoked.
(b) Section 1101.355 of the Act applies only to business
entities which are created under the laws of this state, provided,
however, that a business entity formed under the laws of a state other
than Texas will be considered to be a Texas resident for purposes
of this section if it is qualified to do business in Texas; its officers,
managers, or general partners are Texas residents and its principal
place of business and all of its assets are located in Texas.
(c) If a licensed corporation or limited liability
company is dissolved with the Office of the Secretary of State, then
the license immediately becomes null and void.
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Source Note: The provisions of this §535.53 adopted to be effective January 1, 1976; amended to be effective August 29, 1979, 4 TexReg 2900; amended to be effective September 24, 1993, 18 TexReg 6215; amended to be effective April 14, 1998, 23 TexReg 3682; amended to be effective July 1, 1999, 24 TexReg 4825; amended to be effective January 1, 2004, 28 TexReg 9542; amended to be effective January 1, 2011, 35 TexReg 11677; amended to be effective November 1, 2011, 36 TexReg 7327; amended to be effective June 3, 2012, 37 TexReg 4052 |