License as salesperson or broker-dealer prerequisite to suit for commission.

No suit or action shall be brought for the collection of a commission for the sale of a security, as defined within this chapter without alleging and proving that the plaintiff was a duly licensed salesperson for an issuer or a broker-dealer, or exempt under the provisions of RCW 21.20.040, or a duly licensed broker-dealer in this state or another state at the time the alleged cause of action arose.[ 1979 ex.s. c 68 s 10; 1974 ex.s. c 77 s 3; 1961 c 37 s 10.]Notes:Effective date—1974 ex.s. c 77: See note following RCW 21.20.040.