There is a fine line between innocence, negligence and avoidance. That is not true in every aspect of life but it is surely true in the context of being a licensee of the Department of State. This article will address situations in which brokers and their salespersons can find themselves in difficult circumstances because of matters overlooked, not addressed or not understood.
Dissolved By Proclamation
The Department of State recently commenced an investigation against a brokerage firm in Brooklyn, New York. When the licensing investigator communicated with the firm, it received less than forthcoming responses. As the DOS investigation continued, the DOS determined that the uncooperative broker was utilizing extensive resources of the Department of State by frustrating the DOS investigator’s attempt to obtain information. The investigator checked on the incorporated status of the licensed entity. It was determined that the corporate status of the brokerage firm had been terminated by virtue of a “Dissolution By Proclamation”, whereby the Secretary of State’s Division of Corporations terminates the corporate status of an entity for non-compliance.
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