Question Corner

Question: I would like to terminate my affiliation with the BIC of my brokerage. Which form do I need to submit to the Commission?

Answer: If a broker wishes to terminate their affiliation with a firm or sole proprietorship, they must submit the Request to Terminate Your Affiliation with a Firm or Sole Proprietorship, Form 2.22. The Commission will process the form within 3-5 business days and brokers will be emailed a Notice of License Record Change acknowledging the requested change. If brokers do not receive a Notice within 30 days, they will need to contact the Commission and inquire about the status of their form submission.  

Question: What happens if a BIC submits a Request to Terminate Your Affiliation with a Firm or Sole Proprietorship, Form 2.22?

Answer: Before a BIC submits a Request to Terminate Your Affiliation with a Firm or Sole Proprietorship, Form 2.22, they should consider that the submission will affect all licensees currently under their supervision at the office. Provisional brokers will be placed on inactive status and “full” brokers will remain on active status at their home addresses but will no longer be affiliated with the firm or sole proprietorship.  

To prevent this, the new BIC should submit a new properly completed Request for BIC Eligible Status and/or Broker-in-Charge Designation (REC 2.25) PRIOR to the outgoing BIC submitting the Request to Terminate Your Affiliation with a Firm or Sole Proprietorship, Form 2.22.  

Brokers are confusing two forms: the Request to Terminate Your Affiliation with a Firm or Sole Proprietorship (Form 2.22) and the Request to Remove Licensee From Broker Supervision (Form 2.13). Form 2.22 is used by an individual broker to terminate their own affiliation with a firm or sole proprietorship and Form 2.13 is used by a BIC to remove a full or provisional broker from being affiliated with that BIC.  

NOTE: It is imperative for brokers to understand that prior to submitting a form, they are certifying the accuracy of the information. Therefore, the Commission may use the submission of inaccurate information as evidence against a broker in a disciplinary action.