What is required when a licensed brokerage ceases operation?
The following steps should be taken when a licensed brokerage ceases operation: 1. Notify SREC by letter and indicate the balance in the trust account. If there is a balance remaining in the trust account, SRECs permission is required on how it will be handled. 2. Complete SRECs Notice of Termination form for any registrants employed by or associated with the brokerage.
Related Questions
- The mortgage brokerage I work for had its licence suspended. Can I transfer to another licensed mortgage brokerage and continue conducting mortgage business?
- Can a Mortgage Brokerage hire Mortgage Agents, if both the Mortgage Brokerage and Principal Broker are licensed?
- What name can a Mortgage Brokerage use to be licensed?
