Restrictions on brokers connected to a firm or association

No person may act as a broker in this state if the broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation: (1) In this state, unless the broker is a licensed producer in this state; or (2) In another state, unless the broker is a licensed producer in this state or another state having a law substantially similar to this law or the broker is licensed in this state as a nonresident reinsurance intermediary. Source: SL 1994, ch 379 , § 3.