§ 446-b. License required. 1. It is unlawful for any person to act or
engage in the business as an apartment information vendor in this state
without first having obtained a license from the secretary of state. No
person shall be granted a license until he has established that he is
trustworthy and bears a reputation for good and fair dealing.

2. The application for such license shall be filed in the office of
the secretary of state on such forms as the secretary may prescribe.

3. When the apartment information vendor maintains more than one place
of business, he shall apply for a supplemental license for each branch
office so maintained. Supplemental licenses shall be conspicuously
displayed in each branch office. The display of an expired license by
any person, firm, partnership or corporation is a violation of the
provisions of this article.

4. From and after the date when this subdivision shall take effect,
the term for which a license shall be issued or reissued under this
article shall be a period of one year beginning the first day of
November in any year and ending the thirty-first day of October one year
later. A license which takes effect on a day other than the first day of
November in any year shall extend for a term expiring on the
thirty-first day of October following the date on which the license
takes effect.

5. Any license granted under the provisions hereof may be renewed for
one year by the secretary upon application therefor by the holder, in
such form as the secretary may prescribe. The secretary may dispense
with the requirement for the filing of such statements as was contained
in the original application for license.

6. Every applicant for a license under the provisions of this section,
shall establish and maintain a special interest bearing trust account in
the minimum amount of five thousand dollars in a branch of a national or
state chartered banking institution having a place of business within
the state, plus twenty-five hundred dollars for each additional licensed
office, except that any applicant whose business is limited exclusively
to acting as an apartment sharing agent shall be required to establish
and maintain an account of only twenty-five hundred dollars plus twelve
hundred fifty dollars for each additional licensed office. No license
shall be issued unless a copy of a certificate of deposit showing the
minimum balance in said special interest bearing trust account has been
filed with the secretary simultaneously with the filing of the license
application. Moneys may be withdrawn, from such account only upon the
certification of the secretary.

7. No license shall be granted to a person under the age of eighteen
or a corporation, limited liability company, partnership or association
whose principal shareholder, member or partner is under such age.