10-6A-9. Duration of relationships between brokers and clients; conflict between duties owed to clients and customers.

The relationships set forth in Code Sections 10-6A-4 through 10-6A-8, Code Section 10-6A-12, Code Section 10-6A-13, and an option to enter into a brokerage engagement shall commence at the time that the client engages the broker or executes an option to enter into a brokerage engagement, and shall continue until:#

1. (1)

   Completion of performance of the engagement; or#

2. (2)

   If paragraph (1) of this subsection is not applicable, then the earlier of:#

   1. (A)

      Any date of expiration agreed upon by the parties in the brokerage engagement, the option to enter into a brokerage engagement, or in any amendments thereto;#

   2. (B)

      Any authorized termination of the relationship; or#

   3. (C)

      If no expiration is provided and no authorized termination has occurred, then one year after initiation of the brokerage engagement or one year after the date the option to enter into a brokerage engagement was executed.#

Except as otherwise agreed in writing and as provided in subsection (a) of this Code section, a broker owes no further duties to the client after termination, withdrawal, expiration, or completion of performance of the engagement, except:#

1. (1)

   To account for all moneys and property relating to the engagement; and#

2. (2)

   To keep confidential all information received during the course of the engagement which was made confidential by request or instructions from the client, unless:#

   1. (A)

      The client permits the disclosure by subsequent word or conduct;#

   2. (B)

      Such disclosure is required by law; or#

   3. (C)

      The information becomes public from a source other than the broker.#

Notwithstanding any other provision to the contrary contained in this chapter, in the event a conflict arises between a broker’s duty to keep the confidence of a client and the duty not to give customers false information, the broker’s duty not to give false information to customers shall prevail and shall govern the broker’s actions. No cause of action shall arise on behalf of any person against a broker or the broker’s affiliated licensees for revealing information in compliance with this subsection.#