32-9-122. Requirement for designated manager. (1) A mortgage broker that is not a sole proprietorship shall designate to the department an individual within its organization who is located in this state and is licensed as a mortgage broker as the designated manager of the organization.
     (2) If the designated manager ceases to act in that capacity, within 15 days the mortgage broker shall designate another individual licensed as a mortgage broker as designated manager and shall submit information in writing to the department establishing that the subsequent designated manager is in compliance with the provisions of this part.
     (3) If the employment of a designated manager is terminated, the mortgage broker shall return the designated manager's license to the department within 5 business days of the termination.

     History: En. Sec. 14, Ch. 516, L. 2003; amd. Sec. 2, Ch. 368, L. 2005; amd. Sec. 8, Ch. 498, L. 2007.