Section 40-57-330 - Broker-in-charge license requirements; active broker or salesperson must be licensed under broker-in-charge(A) A broker-in-charge license may not be issued to or renewed for an applicant unless the applicant:(1) has an ownership interest in the applicant's company; or(2) is actively engaged in the operation and management of the company.(B) An individual holding an active broker or associate license must be licensed under a broker-in-charge who is licensed by the commission and may not be licensed during the same period with more than one broker-in-charge. When a licensee becomes disassociated with a broker-in-charge, he immediately shall notify the commission by completion of the proper form. The licensee must furnish a new business address to the commission, the authorization of the new broker-in-charge, and proof of notification to the former broker-in-charge.(C) When a designated broker-in-charge becomes disassociated with the office registered with the commission, the broker-in-charge shall notify the commission within five days. The broker-in-charge designation will be removed and the licensee's license will be deactivated.Amended by 2024 S.C. Acts, Act No. 204 (HB 4754),s 3, eff. 5/21/2024.Added by 2016 S.C. Acts, Act No. 170 (SB 1013), s 1, eff. 1/1/2017.