TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.115 TERMINATION OF LICENSE


 

Section 1450.115  Termination of License

 

a)         Upon termination of a license, a sponsoring broker shall immediately:

 

1)         Endorse the licensee's original license as provided for on that document;

 

2)         Submit a copy of the endorsed license to the Division within 2 business days after termination, or electronically;

 

3)         Retain a copy of the endorsed license until the license's expiration date; and

 

4)         Give the original endorsed license to the licensee.

 

b)         Once the original license has been endorsed, the licensee is prohibited from engaging in licensed activities, and a licensed leasing agent is prohibited from engaging in leasing residential real property, until the licensee is issued a properly completed sponsor card.

 

(Source:  Amended at 43 Ill. Reg. 1975, effective January 25, 2019)