§437-27.5  Requirements to maintain license. 
A broker shall have and maintain in full force and effect a bond as required
under section 437-18.  Failure, refusal, or neglect to maintain in full force
and effect a bond shall cause the automatic suspension of the license effective
as of the date of expiration or cancellation of the bond.  The license shall
not be reinstated until a bond as required under section 437-18 is received by
the board.



Failure to effect a reinstatement of a
suspended license within sixty days of the suspension shall cause the license
and all fees to be forfeited.



A licensee may, within fifteen calendar days
after receipt of notification of the license forfeiture, request an
administrative hearing pursuant to chapter 91 to review the forfeiture. [L
1985, c 102, §3; am L 1989, c 299, §3; am L 1992, c 153, §6]