|
(a)For purposes of this section, an "exempt business
entity" means a business entity which is exempt from the requirements
of being licensed under §535.5(g) of this chapter (relating to
License Not Required) and §1101.355(d) of the Act.
(b)Before an exempt business entity may receive compensation
on behalf of a license holder, the license holder must:
(1)register the business entity with the Commission
on a form approved by the Commission;
(2)pay a $140 fee to the Commission; and
(3)provide supporting documentation satisfactory to
the Commission demonstrating the entity meets the requirements for
exemption.
(c)Term of Registration; Certification.
(1)A registration issued under this section is valid
for two years from the date of issuance.
(2)The Commission will deliver a notice regarding
expiration of the registration to the license holder three months
before the expiration of the registration.
(3)Failure to receive the notice from the Commission
does not relieve a license holder from the requirements of this subsection.
(4)Prior to the expiration of the registration, a
license holder must:
(A)certify on a form approved by the Commission that
the exempt business entity continues to meet the requirements under
this section;
(B)pay a $70 fee to the Commission; and
(C)provide supporting documentation as provided in
subsection (b)(3) of this section, if determined necessary by the
Commission.
(5)Failure to timely certify will result in expiration
of the registration and loss of the exemption under §535.5(g)
of this chapter and §1101.355(d) of the Act.
(d)A license holder must notify the Commission not
later than the 10th day after the date the business entity no longer
satisfies the requirements of §535.5(g)(1)-(3) of this chapter
and §1101.355(d) of the Act.
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office
of the Secretary of State on August 9, 2023
TRD-202302893 Vanessa E. Burgess
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: September 24, 2023
For further information, please call: (512) 936-3284
|
