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 1450.140 RENEWALS


 

Section 1450.140  Renewals

 

a)         Every leasing agent license expires on July 31 of each even-numbered year.

 

b)         Every broker license expires on April 30 of each even‑numbered year.

 

c)         Every managing broker license expires on April 30 of each odd-numbered year.

 

d)         Sponsoring brokers shall also submit a properly completed consent to examine and audit special accounts form required by the Department.

 

e)         The first renewal for a real estate auction certification is on December 31, 2018. Thereafter, each real estate auction certification expires on December 31 of each even-numbered year. A real estate auction certificate holder whose license has been expired for more than 2 years shall be required to meet the requirements for a new certificate.

 

f)         Every corporation, limited liability company, partnership, limited partnership, limited liability partnership and branch office license expires on October 31 of each even-numbered year. Each renewal, the licensee shall submit the following:

 

1)         A properly completed consent to examine and an audit special accounts form; and

 

2)         Notice of any change of business information as provided for in Section 1450.150, if applicable.

 

g)         Renewal applications shall be submitted on forms provided by the Division.  All renewals shall include the name and license number of the sponsoring broker.  Failure to receive a renewal form, or failure to pay the renewal fee, shall not constitute a valid reason for failure to renew a license.

 

h)         Practicing or offering to practice on an expired or inoperative license shall constitute unlicensed practice and shall be grounds for discipline pursuant to Section 20-20 of the Act.

 

i)          Any leasing agent, broker or managing broker whose license under the Act has expired is eligible to renew without paying any lapsed renewal or restoration fee, and any person with a real estate auction certification that has expired is eligible to renew without paying any lapsed renewal fees, provided that the license or certification expired while the licensee, or the real estate auction certification holder, was:

 

1)         on active duty with the United States Army, United States Navy, United States Marine Corps, United States Air Force, United States Coast Guard, or State Militia called into the service or training for the United States;

 

2)         engaged in training or education under the supervision of the United States prior to induction into military service; or

 

3)         serving as an employee of the Department. A licensee renewing a license in accordance with this subsection (i) may renew the license within a period of 2 years following the termination of service and is not required to take any CE or examination to renew. An individual renewing a license pursuant to this subsection (i) shall be issued a license equivalent to the license held when employed by the Department.

 

j)          As set forth in Section 5-50 of the Act, any licensee whose license has expired for more than 2 years shall not be eligible for renewal of that license. Any licensee whose license has been expired for less than 2 years may renew the license at any time by complying with the requirements of this Part, by paying the fees required by Section 1450.130 and providing satisfactory evidence of completion of the CE required by this Part.

 

k)         As set forth in Section 5-50(g) of the Act, upon request, the Division shall prepare and deliver by mail or electronically to the sponsoring broker a listing of licensees who, according to  the Division, are sponsored by that sponsoring broker. The sponsoring broker shall notify the Division concerning any inaccuracies in the listing within 30 days after its receipt.

 

l)          A notice of renewal shall be sent to all sponsoring brokers, by mail or electronically, for each of the sponsored licensees of a sponsoring broker.

 

m)        Licensees engaging in licensed activities in the form of a corporation, limited liability company, partnership, limited partnership or limited liability partnership must:

 

1)         maintain active status/good standing with the appropriate office within the jurisdiction where it is registered or authorized to transact business (i.e., Secretary of State, etc.); and

 

2)         notify the Division in writing within 48 hours of any change to its status/registration resulting in the inability to transact business (i.e., dissolved, etc.) in the jurisdiction in which it is registered/was authorized to transact business.

 

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