(1) Applications for Residential Property Wholesaler Licenses and Residential Property Wholesaler License Renewals shall be filed on forms to be provided by the Administrative Agency.
(a) Residential Property Wholesaler Licenses and Residential Property Wholesaler License Renewals shall be issued pursuant to such rules as established by the Administrative Agency and shall be valid for one year.
(b) All application and renewal forms must include:
(.1) a non-refundable application fee of two hundred dollars ($200);
(.2) proof that the applicant possesses insurance, in such type and amount as the Administrative Agency shall require;
(.3) name and address of applicant or, if the applicant is not a natural person, the name and address of a responsible natural person;
(.4) any and all Pennsylvania corporations, including all limited liability corporations, in which the applicant has an equity interest, regardless of whether the applicant has a direct equity interest or applicant's equity interest is held through one or more tiers of a corporate structure, such as parent-subsidiary structure.
(c) An applicant may only be issued a Residential Property Wholesaler License if, after a criminal history records search of the applicant has performed by the Administrative Agency, it has been determined that the applicant has not, within the past six years, been convicted of any crime of fraud, dishonesty, breach of trust or deceit, or has been convicted for violating the Public Official and Employee Ethics Law.
(d) An applicant or licensed Residential Property Wholesaler shall notify the Administrative Agency, in writing, within seventy-two (72) hours of any changes in the information contained in or submitted with the application.