2004 Regular Session
To: Business and Financial Institutions
By: Senator(s) Hewes, Michel
AN ACT TO AMEND SECTION 73-35-11, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A COOPERATIVE AGREEMENT BETWEEN A MISSISSIPPI LICENSED REAL ESTATE BROKER AND BROKER LICENSED IN ANOTHER STATE DOES NOT AUTHORIZE ANY PERSON NOT LICENSED BY THE STATE OF MISSISSIPPI TO PERFORM ANY REAL ESTATE ACTIVITY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 73-35-11, Mississippi Code of 1972, is amended as follows:
73-35-11. A broker licensed in Mississippi may lawfully enter into a cooperative agreement with a broker licensed in a state other than Mississippi to divide the commission of the sale of real estate within the State of Mississippi. The cooperative agreement shall state the compensation to be paid to the Mississippi broker and shall be filed with the commission within ten (10) days of the parties affixing their signatures. This cooperative agreement does not authorize any person not licensed by the State of Mississippi to perform any real estate activity described in Section 73-35-1 and Section 73-35-3.
* * *
The Mississippi broker shall determine that the cooperating broker is licensed as a broker in another state.
* * *
SECTION 2. This act shall take effect and be in force from and after July 1, 2004.