Section 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  and
  shall be accompanied by a fee of four hundred dollars.
    3. When the apartment information vendor maintains more than one place
  of  business,  he  shall  apply  for  and  the  secretary  shall issue a
  supplemental license for each branch office so maintained  upon  payment
  of  a  fee of two hundred fifty dollars for each supplemental license so
  issued. 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, and payment of a  two  hundred
  fifty  dollar  fee for such license. 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.