Ohio Code 1707.16 – Application for and issuance of salesperson’s license
(A) Every salesperson of securities must be licensed by the division of securities and shall be employed, authorized, or appointed only by the licensed dealer specified in the salesperson’s license. If the relationship between the salesperson and the dealer is severed, the salesperson’s license shall be void.
Terms Used In Ohio Code 1707.16
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Dealer: except as otherwise provided in this chapter, means every person, other than a salesperson, who engages or professes to engage, in this state, for either all or part of the person's time, directly or indirectly, either in the business of the sale of securities for the person's own account, or in the business of the purchase or sale of securities for the account of others in the reasonable expectation of receiving a commission, fee, or other remuneration as a result of engaging in the purchase and sale of securities. See Ohio Code 1707.01
- Licensed dealer: means a dealer licensed under this chapter. See Ohio Code 1707.01
- Rule: includes regulation. See Ohio Code 1.59
- salesperson: means every natural person, other than a dealer, who is employed, authorized, or appointed by a dealer to sell securities within this state. See Ohio Code 1707.01
- State: means any state of the United States, any territory or possession of the United States, the District of Columbia, and any province of Canada. See Ohio Code 1707.01
(B) Application for a salesperson’s license shall be made in accordance with this section and by filing with the division the information, materials, and forms specified in rules adopted by the division, along with all of the following information:
(1) The name and complete residence and business addresses of the applicant;
(2) The name of the dealer who is employing the applicant or who intends to employ the applicant;
(3) The applicant’s age and education, and the applicant’s experience in the sale of securities; whether the applicant has ever been licensed by the division, and if so, when; whether the applicant has ever been refused a license by the division; and whether the applicant has ever been licensed or refused a license or any similar permit by any division or commissioner of securities, whatsoever name known or designated, anywhere.
(C) The division shall by rule require an applicant to pass an examination designated by the division.
(D)(1) Except as provided in division (D)(2) of this section, if the division finds that the applicant is of good business repute, appears to be qualified to act as a salesperson of securities, and has fully complied with this chapter, and that the dealer named in the application is a licensed dealer, the division shall, upon payment of the fees prescribed by section 1707.17 of the Revised Code, issue a license to the applicant authorizing the applicant to act as salesperson for the dealer named in the application.
(2) The division shall issue a license to act as a salesperson of securities in accordance with Chapter 4796 of the Revised Code to an applicant if either of the following applies:
(a) The applicant holds a license in another state.
(b) The applicant has satisfactory work experience, a government certification, or a private certification as described in that chapter as a salesperson of securities in a state that does not issue that license.
Last updated December 29, 2023 at 7:13 AM