Sec. 1101.355. ADDITIONAL GENERAL ELIGIBILITY REQUIREMENTS FOR BUSINESS ENTITIES

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(a) To be eligible for a license under this chapter, a business entity must:
(1) designate one of its managing officers as its agent for purposes of this chapter; and
(2) provide proof that the entity maintains errors and omissions insurance with a minimum annual limit of $1 million for each occurrence if the designated agent owns less than 10 percent of the business entity.
(b) A business entity may not act as a broker unless the entity's designated agent is a licensed broker in active status and good standing according to the commission's records.
(c) A business entity that receives compensation on behalf of a license holder must be licensed as a broker under this chapter.

Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1064 , Sec. 7, eff. September 1, 2011.

                    
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