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§ 8706-A.1. Broker registration

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: December 27, 2021

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XVII-a.1. Tax Credit and Tax Benefit Administration (Refs & Annos)
Effective: December 27, 2021
72 P.S. § 8706-A.1
§ 8706-A.1. Broker registration
Currentness
(a) Registration required.--A person that acts as a broker shall register with the department under this section. An agent or other party representing a broker or assisting a broker on behalf of an applicant, including a person that executes an application for an applicant, or the sale, assignment or transfer of a transferrable tax credit shall register under this section.
(b) Guidelines.--The department, in consultation with the Department of Community and Economic Development, shall establish guidelines providing for the application and registration of a broker under this section. The guidelines shall require all of the following:
(1) The name and address of the broker.
(2) The name and address of the business with which the broker is employed or otherwise associated that is located and maintaining a place of business in this Commonwealth.
(3) That the broker be at least 18 years of age.
(4) The minimum educational requirements, qualifications and experience necessary for the issuance of a registration under this section.
(5) A criminal background check prepared by the Pennsylvania State Police that demonstrates the broker has not been convicted of a felony offense or an offense that involved fraud or misrepresentation in this Commonwealth or any other jurisdiction.
(6) A list of each professional license that has been issued to the broker and whether the broker is in good standing with the licensing authority.
(7) Verification that the application is submitted in accordance with 18 Pa.C.S. §§ 4903 (relating to false swearing) and 4904 (relating to unsworn falsification to authorities).
(8) Payment of any required application, licensing and registration fees.
(9) Tax clearance showing satisfaction of all State and local taxes.
(c) Applications.--A broker shall obtain an initial or renewed registration by filing an application with the department, providing the renewal information and documentation and paying all fees as required by the department.
(d) Duration of registration.--A registration under this section shall be valid for a period of two years from the date of issuance.
(e) Registration number.--A registration under this section shall include a unique registration number for the broker. A registration under this section may be suspended or revoked by the department for good cause.
(f) Appeals.--A broker who is denied a registration under this section, or whose registration is suspended or revoked, may appeal the department's determination in the same manner as provided by Article XXVII.1
(g) Attachment of certification.--A broker executing the sale of a transferrable tax credit or assisting an applicant or a taxpayer to apply for or purchase a tax credit shall do all of the following:
(1) Attach a certification to the application that the statements and representations made in the application are true and correct and subject to the penalties as set forth in 18 Pa.C.S. § 4903 or 4904.
(2) Include the broker's unique registration number issued by the department in the certification under this subsection.
(h) Fees.--The department may require the payment of an application fee to review and process a registration under this subsection.
(i) Penalties.--A person who violates the requirements specified under this section shall pay a civil fine of up to $25,000 for the first offense and up to $50,000 for each additional offense to the department.
(j) Bond required.--A broker registered under this section shall post a bond of $50,000 with the department.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-A.1, § 1706-A.1, added 2021, June 30, P.L. 124, No. 25, § 13, effective in 180 days [Dec. 27, 2021].

Footnotes

1
72 P.S. § 9701 et seq.
72 P.S. § 8706-A.1, PA ST 72 P.S. § 8706-A.1
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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