Section  1.  That § 36-21A-45 be amended to read as follows:

     36-21A-45.   A real estate salesman's salesperson's or broker associate's license is suspended inactive if the real estate salesman salesperson or broker associate ceases to be associated with a real estate broker or a licensed firm.

     Section  2.  That § 36-21A-46 be amended to read as follows:

     36-21A-46.   No licensed salesman salesperson or broker associate may own a substantial interest in a real estate brokerage business or firm. This section does not apply to an interest acquired before July 1, 1992.

     Section  3.  That § 36-21A-57 be amended to read as follows:

     36-21A-57.   The change of association by an active real estate salesman salesperson or broker associate without notice to the commission may cause cancellation of his the license by the commission.

     Section  4.  That § 36-21A-58 be amended to read as follows:

     36-21A-58.   A salesman salesperson or broker associate who is without an employing broker may renew his the license by submitting the renewal fee, together with the completed renewal application on which he the licensee has noted his inactive status. An inactive salesman salesperson or broker associate whose license has been renewed may not engage in the real estate business until he the licensee secures a new employing broker.

     Section  5.  That § 36-21A-59 be amended to read as follows:

     36-21A-59.   No real estate salesman salesperson or broker associate may perform any of the acts contemplated by this chapter, either directly or indirectly after his the licensee's association has been terminated and before he is becoming associated with another broker and has been notified of his the registration by the commission. A violation of this section is a Class 1 misdemeanor.

     Signed February 23, 1998.