Page:United States Statutes at Large Volume 53 Part 2.djvu/878

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.


PUBLIC LAWS-CH. 664 -AUG. 10 , 1939 50 Stat. 78a. 20 D. C. Code, Supp. IV, §1972. Compensation. 50 Stat. 789. 20 D. C . Code, Supp. IV, § 1973. Qualifications for license. Proviso. Probationaryperiod to prove competency. Proof of competency. Real-estate brokers. Business-chance brokers. Applicationsrecent- ly rejected. Bond. 50 Stat. 791. 20 D. C . Code, Supp. IV, §1974. New bond if surety Insolvent or ceases to do business. 50 Stat. 792. 20 D. C. Code, Supp. IV, §1976. Broker's license, fee. Proviso. Business partner- ships, etc. broker or a business-chance salesman, and to every business-chance license, and to every licensee licensed as a business-chance broker or a business-chance salesman, and to anyone acting in the capacity of a business-chance broker or a business-chance salesman without a license." SEC. 4. The seventh paragraph of section 3 is amended to read as follows: "The compensation of members of the Commission, except the ex officio member, shall be $10 each for personal attendance at each meeting, but shall not exceed for any member $1,500 per annum." SEC. 5. Section 4 of said Act is amended to read as follows: "SEC. 4. No license under the provisions of this Act shall be issued to any person who has not attained the age of twenty-one years, nor to any person who cannot read, write, and understand the English language; nor until the Commission has received satisfac- tory proof that the applicant is trustworthy and competent to transact the business of a real-estate broker or real-estate salesman or business-chance broker or business-chance salesman in such a manner as to safeguard the interests of the public: Provided, however, That a salesman shall have six months from the date of the issuance of his original license to prove his competency, and failure to prove his competency to the satisfaction of the Commission within that period will automatically cancel his original license or any renewal thereof. "In determining competency, the Commission shall require proof that every applicant for a license has a general and fair understand- ing of the obligations between principal and agent, as well as of the provisions of this Act; and that an applicant for a license as a real- estate broker has a fair understanding of the general purposes and effect of deeds, mortgages, and contracts for the sale or leasing of real estate, and of elementary real-estate practices; and that an appli- cant for a license as a business-chance broker has a fair understanding of the general purposes and effect of bills of sale, chattel mortgages and trusts, and the provisions of the law governing sales in bulk. "No license shall be issued to any person, firm, partnership, copart- nership, association2 or corporation whose application has been rejected in the District of Columbia or any State within three months prior to date of application, or whose real-estate license has been revoked in the District of Columbia or any State within one year prior to date of application." SEC. 6 . (a) The eighth paragraph of section 5 of said Act is amended by striking out the words, "executed by two good and sufficient sureties, to be approved by the Commission, or". (b) Section 5 of said Act is further amended by inserting at the end of the tenth paragraph thereof the following: "In the event the surety becomes insolvent or a bankrupt, or ceases to do business or ceases to be authorized to do business in the District of Columbia, the principal shall, within ten days after notice thereof, given by the Commission, duly file a new bond in like amount and conditioned as the original and if the principal shall fail so to do the license of such principal shall terminate." SEC. 7 (a) The third paragraph of section 7 of said Act is amended to read as follows: "The fee for an original broker's license and every renewal thereof shall be $30: Provided, however, That the fee for an original broker's license and every renewal thereof for individual members, partners, and officers of firms, partnerships, and corporations shall be $30 for the first member, partner, or officer to be designated by the firm, partnership, or corporation and $10 for each additional members partner, or officer of such firm, partnership, or corporation." 1354 [53 STAT.