§ 7-11-201 - Broker dealer and sales representative licensing. - Rhode Island Statutes

SECTION 7-11-201

   § 7-11-201  Broker dealer and salesrepresentative licensing. – (a) No person may transact business in this state as a broker-dealer or salesrepresentative unless licensed or exempt from licensing under this chapter.

   (b) No broker dealer licensed under this chapter and noissuer may employ a person as a sales representative in this state unless thesales representative is licensed or exempt from licensing under this chapter.

   (c) No broker dealer or issuer engaged in offering securitiesin this state may employ, directly or indirectly, a person to engage in anyactivity in this state contrary to a suspension or bar from association with abroker dealer or investment adviser imposed against that person by thedirector. No broker dealer or issuer violates this subsection unless the brokerdealer or issuer knows or in the exercise of reasonable care should know of thesuspension or bar. Upon request from a broker dealer or issuer and for goodcause shown, the director, by order, may waive the prohibition of thissubsection regarding a person suspended or barred.