1. Whenever an escrow agent terminates, for any reason, his or her employment with the escrow agency with whom the escrow agent was associated, the escrow agency shall:
(a) Immediately deliver or send by certified mail to the Division the escrow agent’s license, together with a written statement of the circumstances surrounding the termination.
(b) At the time of delivering or mailing the license to the Division, address a communication to the last known residence address of the escrow agent, advising the escrow agent that his or her license has been delivered or mailed to the Division. A copy of the communication must accompany the license when delivered or mailed to the Division.
2. An escrow agent shall not perform either directly or indirectly any act for which a license is required pursuant to this chapter:
(a) On or after the date the Division receives the escrow agent’s license from the escrow agency until the license is transferred or reissued or until a new license is issued.
(b) Without being associated with and employed by a licensed escrow agency.