All about BIC Eligibility Rules

January 2008 the Commission instituted the concept of “broker-in-charge eligibility.” Once a broker satisfies the initial requirements to qualify as a broker-in-charge, i.e., experience and completion of the 12-hour Broker-in-Charge Course, the broker will become BIC eligible.

A BIC could resign as a BIC, become an associated broker with a firm, and later declare as a BIC again and not be required to take any special BIC education prior to or within 120 days after redesignation, so long as there has been no lapse in BIC eligibility.

A broker maintains BIC eligibility by timely renewing his/her broker license each year and completing both the mandatory Update Course and the Broker-in-Charge Annual Review course (BICAR) by June 10 every year, thereby satisfying the yearly requirement of eight hours of continuing education.

Eligibility is lost if the broker fails to take both the Update and BICAR courses, or if the broker’s license becomes inactive for any reason or expires or is suspended, revoked or surrendered. License status may be affected by disciplinary action, failure to renew on time or to satisfy the annual continuing education requirement, or by an individual choosing to place the license on inactive status.

Eligibility is regained by taking the following steps in the order stated:

1) Do whatever is necessary to return the license to active status, i.e., pay the reinstatement fee and/or cure any CE deficiency;

2) Submit a properly completed Broker-in-Charge Declaration form to the Commission (assuming the broker meets the experience prerequisite, i.e., two years full-time brokerage experience within the preceding five years).Within three to five days the broker should receive a notice confirming re-designation and informing the broker whether the 12-hour Broker-in-Charge Course or the four-hour BICAR course is required; and

3) Complete the specified BIC education within 120 days of redesignation.

Brokers who have lost BIC eligibility and are seeking to be redesignated as a BIC should not take any special BIC education until their licenses are on active status and they have received confirmation of redesignation from the Commission following submission of the BIC Declaration form.

A broker who fails to complete the required special BIC education within 120 days will be removed as a BIC by the Commission and will not be able to be redesignated as a BIC until the 12-hour BIC Course is first completed, even if previously taken within the preceding three years.

This article came from the May 2010-Vol41-1 edition of the bulletin.