Minnesota Session Laws - 1991, Regular Session

  

                         Laws of Minnesota 1991 

                         CHAPTER 20-H.F.No. 373 
           An act relating to commerce; removing a real estate 
          licensing prohibition; amending Minnesota Statutes 
          1990, section 82.20, subdivision 4.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:  
    Section 1.  Minnesota Statutes 1990, section 82.20, 
subdivision 4, is amended to read: 
    Subd. 4.  [CORPORATE AND PARTNERSHIP LICENSES.] (a) A 
corporation applying for a license shall have at least one 
officer individually licensed to act as broker for the 
corporation.  The corporation broker's license shall extend no 
authority to act as broker to any person other than the 
corporate entity.  Each officer who intends to act as a broker 
shall obtain a license; 
     (b) A partnership applying for a license shall have at 
least one partner individually licensed to act as broker for the 
partnership.  Each partner who intends to act as a broker shall 
obtain a license; 
     (c) Applications for a license made by a corporation shall 
be verified by the president and one other officer.  
Applications made by a partnership shall be verified by at least 
two partners; 
     (d) Any partner or officer who ceases to act as broker for 
a partnership or corporation shall notify the commissioner upon 
said termination.  The individual licenses of all salespersons 
acting on behalf of a corporation or partnership, are 
automatically ineffective upon the revocation or suspension of 
the license of the partnership or corporation.  The commissioner 
may suspend or revoke the license of an officer or partner 
without suspending or revoking the license of the corporation or 
partnership; 
     (e) The application of all officers of a corporation or 
partners in a partnership who intend to act as a broker on 
behalf of a corporation or partnership shall accompany the 
initial license application of the corporation or partnership.  
Officers or partners intending to act as brokers subsequent to 
the licensing of the corporation or partnership shall procure an 
individual real estate broker's license prior to acting in the 
capacity of a broker.  No license as a real estate salesperson 
shall be issued to any officer of a corporation or member of a 
partnership to which a license was issued as a broker corporate 
officer who maintains a salesperson's license may exercise any 
authority over any trust account administered by the broker nor 
may they be vested with any supervisory authority over the 
broker; 
    (f) The corporation or partnership applicant shall make 
available upon request, such records and data required by the 
commissioner for enforcement of this chapter. 
    Presented to the governor April 5, 1991 
    Signed by the governor April 8, 1991, 11:14 a.m.