May 16, 2024 – This year’s license renewal process starts in July and includes three important changes for Principal Brokers and Deputy Principal Brokers.
1. Renewals in IRIS
In February, we launched IRIS as the replacement for our previous broker portal. Principal Brokers will be required to log into IRIS to renew their firm, renew themselves as an individual, and (optionally) pay the license fees for the brokers employed at their firm (i.e. bulk payments).
2. Two-Stage Payment Process
Unlike previous years in which bulk payments and individual renewals (including answering the annual renewal questions) were available concurrently, this year, it will be a two-stage process.
- Stage 1: Only Bulk Payments Accepted
- July 2 – July 24
- Stage 2: Only Individual Payments/Renewals Accepted
- August 1 – August 31
- In this stage, bulk payments will no longer be accepted.
- RIBO provides a 30-day grace period (September 1 – September 30) for individuals to complete their renewal questions and payment.
Important: Any broker whose license has not been paid for through Bulk Payment by the July 24 deadline will be required to pay individually from August 1 to September 30.
Brokers who have not completed their renewal questions and payment by September 30 will automatically have their license suspended (Administrative Suspension).
3. Updated Refund Policy
Refunds create unnecessary complexity and result in brokers being unfairly suspended when firms revoke their payments. Any reimbursements (most commonly as a result of a broker leaving their firm) are best left between the individual and their employer. For this reason, there will be no refunds on renewal fees including bulk payments.
Learn More at the Principal Broker Town Hall (June 4)
More information and a chance to ask questions will be provided at our upcoming Principal Broker Town Hall. We will explain the new renewal process and the bulk payment process. You will also see a preview of what to expect.
Register today for our Principal Broker Town Hall virtual meeting on June 4 from 1:00 pm to 2:00 pm ET using the Microsoft Teams platform.
Since this year’s renewals will look very different than previous years, we strongly encourage all Principal Brokers and Deputy Principal Brokers to attend.
Update (June 6, 2024): Watch a recording of our Principal Broker Town Hall from June 4.
In the coming weeks, we will email more details about the license renewal process.