Agency contact person:
Sharon Henes, Administrative Rules Coordinator, Department of Safety and Professional Services, Division of Board Services, 1400 East Washington Avenue, Room 151, P.O. Box 8366, Madison, Wisconsin 53708; telephone 608-261-2377; email at Sharon.Henes@wisconsin.gov. Place where comments are to be submitted and deadline for submission:
Comments may be submitted to Sharon Henes, Administrative Rules Coordinator, Department of Safety and Professional Services, Division of Board Services, 1400 East Washington Avenue, Room 151, P.O. Box 8366, Madison, WI 53708, or by email to Sharon.Henes@wisconsin.gov. Comments must be received at or before the public hearing to be held on April 16, 2015 to be included in the record of rule-making proceedings. ---------------------------------------------------------------------------------------------------------------------
TEXT OF RULE
Section 1 Chapter REEB 13 is created to read: COOPERATIVE AGREEMENT
REEB 13.01 Cooperative agreement. (1) A cooperative agreement between a licensed broker and an out-of-state broker shall be all of the following:
(a) In writing.
(b) A form approved by the board pursuant to s. 452.05(1)(b). (2) The terms of the cooperative agreement shall contain at least all of the following:
(a) The terms of cooperation between the out-of-state broker, any out-of-state salesperson, and the licensed broker.
(b) The terms of the out-of-state broker’s compensation.
(c) Provide that all client funds, as defined in s. 452.13(1)(a), that the out-of-state broker and licensed broker receive in connection with a transaction subject to the cooperative agreement shall be deposited in a trust account maintained by the licensed broker. Section 2. EFFECTIVE DATE. The rules adopted in this order shall take effect on the first day of the month following publication in the Wisconsin administrative register, pursuant to s. 227.22 (2) (intro.), Stats. ---------------------------------------------------------------------------------------------------------------------
(END OF TEXT OF RULE)
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