Page:United States Statutes at Large Volume 53 Part 2.djvu/880

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PUBLIC LAWS-CH. 664-AUG. 10, 1939 Notice by salesman on termination of service. Acts while unem- ployed. License, transfer from one individual to another. Change in status. No license to firm unless every partici- pating member li- censed. 50 Stat.793. 20 D. C. Code, Supp. IV, §1977. Suspension or revo- cation of license; causes enumerated. be issued by the Commission without the payment of any additional fee, provided a written request therefor, accompanied by a new bond, is filed." (h) The eleventh paragraph of said section 7 of said Act is amended by striking out the last sentence thereof and inserting in lieu thereof the following: "When a salesman shall be discharged or shall terminate his employment with the broker by whom he is employed, it shall be the duty of such salesman to immediately notify the Commission, and it shall be unlawful for him to perform any of the acts contemplated by this Act either directly or indirectly from and after such termination of employment until such time as he has been employed by another licensed broker and a license has been reissued him by the Commission." (i) Section 7 of said Act is further amended by adding at the end thereof two new paragraphs to read as follows: "A license issued to an individual cannot be transferred to another individual. However, an individual licensed as a broker may, upon written request to the Commission, change his status to that of an individual broker or to that of a partner of a partnership, or to that of an officer of a corporation, for any unexpired term of his license, without the payment of any additional fee, and such change shall not work a revocation or require a renewal of the bond of any such broker. This provision shall not be applicable to any real- estate broker in respect to a change of license to that of a business chance broker or vice versa. "No license shall be issued to any firm, partnership, association, or corporation unless every individual member, partner or officer of such firm, partnership, association, or corporation who actively par- ticipates in the brokerage business thereof is licensed as a broker. SEC. 8 . Section 8 of said Act is amended to read as follows: "SEC. 8. The Commission may, upon its own motion, and shall, upon the verified complaint in writing of any person, provided such complaint or such complaint together with evidence, documentary or otherwise, presented in connection therewith, makes out a prima facie case, investigate the conduct of any real-estate broker or real- estate salesman, or business-chance broker or business-chance sales- man, and shall have the power to suspend or to revoke any license issued under the provisions of this Act, at any time where the licensee has by false or fraudulent representation obtained a license, or where the licensee, in performing or attempting to perform any of the acts mentioned herein, has- (a) Made any substantial misrepresentation; (b) Made any false promises of a character likely to influence, persuade, or induce; (c) Pursued a continued and flagrant course of misrepresentation, or making of false promises through agents or salesmen, or advertis- ing or otherwise; (d) Acted for more than one party in a transaction without the knowledge of all parties for whom he acts; (e) Accepted a commission or valuable consideration as a real- estate salesman or as a business-chance salesman for the performance of any of the acts specified in this Act from any person, except the broker under whom he is licensed; (f) Represented or attempted to represent a real-estate broker or a business-chance broker other than the employer, without the express knowledge and consent of the employer; (g) Failed, within a reasonable time, to account for or to remit any money, valuable documents, or other property coming into his possession which belong to others; 1356 [53 STAT.