Texas Register
TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 535GENERAL PROVISIONS
SUBCHAPTER EREQUIREMENTS FOR LICENSURE
RULE §535.53Corporations and Limited Liability Companies
ISSUE 08/29/2003
ACTION Proposed
Preamble Texas Admin Code Rule
(a)For the purposes of qualifying for, maintaining, or renewing a license, a corporation or limited liability company must designate one person holding an active Texas real estate broker license to act for it. The corporation or limited liability company may not act as a broker during any period in which it has not designated a person to act for it who meets the requirements of Texas Occupations Code [Civil Statutes], Chapter 1101 [Article 6573a] (the Act). A broker may not act as a designated person at any time while the broker's license is inactive, expired, suspended or revoked.

(b)Section 1101.355 [6] of the Act applies only to corporations or limited liability companies which are created under the laws of this state, provided, however, that a corporation or limited liability company 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 or managers, its principal place of business and all of its assets are located in Texas; and all of its officers and directors or managers and members are Texas residents.

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State on August 14, 2003

TRD-200305204

Loretta DeHay

General Counsel

Texas Real Estate Commission

Earliest possible date of adoption: September 28, 2003

For further information, please call: (512) 465-3900

 

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