No suit or action shall be brought for the collection of a commission for the sale of a security, as defined within this chapter without alleging and proving that the plaintiff was a duly licensed salesperson for an issuer or a broker-dealer, or exempt under the provisions of RCW 21.20.040, or a duly licensed broker-dealer in this state or another state at the time the alleged cause of action arose.
RCW 21.20.135
License as salesperson or broker-dealer prerequisite to suit for commission.
Known as the The Securities Act
The act spans §§ 21–21 (75 sections).
Applied in 1 court decision — leading case Yeakel v. Ralls (1973)
Most recently applied in Yeakel v. Ralls (June 1973)
1979 ex.s. c 68 s 10; 1974 ex.s. c 77 s 3; 1961 c 37 s 10.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.