Sec. 10.5. (a) For purposes of this section, “referral status” means that the commission has granted an applicant of a license a waiver under IC 25-34.1-9-19 as a result of the applicant meeting the requirements under IC 25-34.1-9-19(2).

     (b) For purposes of this section, “salesperson” has the meaning set forth in IC 25-34.1-1-2(5) (before that subdivision was removed).

     (c) For purposes of this section, “salesperson’s license” means a license issued under section 3.1 of this chapter (before its repeal).

     (d) Subject to subsection (e), the following applies to an individual whose salesperson’s license is in referral status on June 30, 2014:

(1) On July 1, 2014, the salesperson’s license of the individual becomes a broker‘s license under this article.

(2) The individual may continue to make referrals to a licensed broker after June 30, 2014.

     (e) An individual whose salesperson’s license becomes a broker’s license under subsection (d) may only make referrals to a licensed broker and may not perform any other act that requires a broker’s license under this article unless the individual does all of the following:

(1) Completes at least twenty-four (24) hours of the education described in IC 25-34.1-5-5.

(2) Meets the requirements to be a licensed broker under IC 25-34.1-3-4.1.

(3) Attests to the commission that the individual has completed the twenty-four (24) hours of education described in subdivision (1).

     (f) If:

(1) a broker is licensed under this article after June 30, 2014; and

(2) the broker’s license is placed on referral status before the broker completes the thirty (30) hours of postlicensing education required under section 4.1(f) of this chapter;

the broker must complete the thirty (30) hours of postlicensing education before the broker’s license may be moved from referral status and the broker may perform acts that require a broker’s license under this article beyond making referrals to licensed brokers.

As added by P.L.127-2012, SEC.17.