The suspension or revocation of a managing principal brokers license renders inactive every license of the real estate brokers and timeshare sales agents engaged by the managing principal broker pending a transfer of the license. The Real Estate Agency shall transfer a license rendered inactive under this section if the real estate licensee requests a transfer within 30 days after the effective date of the suspension or revocation of the managing principal brokers license and pays a transfer fee. [Amended by 1969 c.674 18; 1975 c.746 24; 1977 c.649 43; 1981 c.617 15b; 1989 c.724 10; 2001 c.300 32; 2005 c.116 9; 2025 c.39 16; 2025 c.389 23]
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