Iowa Admin. Code r. 193E-6.2

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 193E-6.2 - Transfer of license and necessary transfer application

All requests for transfer of license are made on the necessary electronic application for license transfer available from the commission. The license transfer application is only used for transferring the license from the affiliated broker to a new affiliated broker. This transfer application is only to be used if the transferring licensee has obtained the necessary information from the new affiliating broker. The license transfer application cannot be used for licensees who are terminated or who quit prior to obtaining a new affiliating broker. The transfer application cannot be backdated to a new affiliated broker.

(1) The license transfer process involves three steps, and each step needs to be correctly completed to qualify as a valid transfer. The steps are as follows:

a. The transferring licensee submits the electronic transfer application available from the commission.

b. Both the new affiliating broker and releasing broker electronically approve the transfer request within 48 hours of receiving notification from the commission of the transfer request.

c. The electronic transfer application is approved and issued by the commission.

(2) Transfer effective date. The effective date of the transfer is the date of approval and issuance from the commission.

Iowa Admin. Code r. 193E-6.2

ARC 8284B, lAB 11/18/09, effective 12/23/09

Adopted by IAB April 17, 2024/Volume XLVI, Number 21, effective 5/22/2024