Firms, licensing of
28 Firms, licensing of
Subject to this Act, 2 or more persons constituting a firm who apply to the Commissioner for a real estate settlement agent’s licence or a business settlement agent’s licence, or both, and pay to the Commissioner the prescribed fee for the licence shall be granted and may hold a licence if the Commissioner is satisfied that —
all of the natural persons, if any, by whom the firm is constituted and all of the directors of, and all of the persons concerned in the management or control of, any body corporate by which the firm is constituted are persons of good character and repute and are persons fit to be concerned as directors of, or in the management and control of, a settlement agent’s business; and
the persons by whom or by which the firm is constituted have sufficient material and financial resources available to them to enable them to comply with the requirements of this Act; and
where the firm is constituted by not more than 3 persons, at least one of them is licensed or where the firm is constituted by more than 3 persons at least 2 of them are licensed; and
the person in bona fide control of the business operated under the licence is —
in the case of an application for a real estate settlement agent’s licence, licensed as a real estate settlement agent and holds a current triennial certificate; and
in the case of an application for a business settlement agent’s licence, licensed as a business settlement agent and holds a current triennial certificate; and
ordinarily resident in the State.
The provisions of clause 10 of Schedule 1 apply to a licence granted under this section.
[Section 28 amended: No. 58 of 2010 s. 176.]
This provision refers to the regulations (prescribed fee
). Made under this Act:
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