Section 1101.453 - Additional Renewal Requirements for Business Entities(a) To renew a license under this chapter, a business entity must: (1) designate one of its managing officers as its broker for purposes of this chapter; and(2) provide proof that the entity maintains errors and omissions insurance with a minimum annual limit of $1 million for each occurrence if the designated broker owns less than 10 percent of the business entity.(b) A business entity may not act as a broker unless the entity's designated broker is a licensed individual broker in active status and good standing according to the commission's records.Tex. Occ. Code § 1101.453
Amended by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 1158,Sec. 50, eff. 1/1/2016.Amended By Acts 2011, 82nd Leg., R.S., Ch. 1064, Sec. 15, eff. 9/1/2011.Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. 6/1/2003.