Ala. Admin. Code r. 790-X-4-.02
Current through Register Vol. 43, No. 1, October 31, 2024
Section 790-X-4-.02 - Qualifying Broker Responsible For License Certificates And Verification Of Bond(1) The qualifying broker of a registered timesharing plan shall be responsible for the care and display of the timeshare seller's license certificates issued to him and to any licensee for whom he serves as the qualifying broker. These certificates shall all be displayed in the main sales office of the respective timeshare plan and shall be open to inspection by any person. Provided, however, that for each branch office, the qualifying broker of that branch office shall be responsible for the care and display of all licenses assigned to that branch office, and all such branch office license certificates shall be displayed at the branch office. Further, the respective qualifying broker shall be responsible for the return to the Real Estate Commission of any license of which a transfer is being sought.(2) Any qualifying broker accepting responsibility for a given licensee shall be responsible for verifying that such licensee has a current bond which meets the requirements of the Alabama Vacation Timesharing Sales Law. Author: Edward M. George
Ala. Admin. Code r. 790-X-4-.02
Statutory Authority:Code of Ala. 1975, §§ 34-27-62, 34-27-66, 34-27-69.