NAC645F.335. Statements required if associated licensee terminates employment by or association with independent licensee.

If an associated licensee terminates his or her employment by or association with an independent licensee for any reason, the associated licensee shall, not later than the third business day following the date of termination:

     1. Deliver to the independent licensee or send by certified mail to the last known business address of the independent licensee a written statement which advises the independent licensee:

     (a) Of the termination of the associated licensee’s employment by or association with the independent licensee; and

     (b) That the termination is being reported to the Commissioner; and

     2. Deliver or send by certified mail to the Commissioner:

     (a) The license numbers of the associated licensee and the independent licensee;

     (b) A written statement of the circumstances surrounding the termination; and

     (c) A copy of the written statement that the associated licensee delivered or mailed to the independent licensee pursuant to subsection 1.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)