HB5209 Summary

• Removes provisions relating to sponsor cards issued by sponsoring brokers and replaces the sponsor card system with a sponsorship notification requirement.

• Requires sponsoring brokers to notify the Department of Financial and Professional Regulation within 24 hours of sponsoring a licensee in a manner provided by rule.

• Requires both licensees and sponsoring brokers to notify the Department of employment termination within 24 hours in a manner provided by rule, with failure to notify subjecting either party to discipline.

• Adds provisions regarding the Department's recognition of sponsorships by sponsoring brokers, replacing the previous temporary permit system with a direct notification and recognition process.

• Takes effect immediately upon becoming law.