Section 1450.40  120 Day Leasing Agent Permit

a)         Pursuant to Section 5-5(d) of the Act, a person engaging in practice under the provisions of this Section shall first obtain a 120 day leasing agent permit.  A permit holder shall comply with all provisions of the Act and this Subpart as if the permit holder  were a licensee, and shall be subject to standards of practice and disciplinary provisions as if the permit holder were a licensee. A broker supervising a permit holder shall be responsible for the activities and actions of a permit holder as if the permit holder  were a leasing agent licensee.

b)         Within 24 hours after employing a permit holder, a broker shall submit the following information to the Division on forms provided by the Division:

1)         the name, address and other information as is requested by the Division to identify the permit holder;

2)         certification by the permit holder that the applicant has not been a leasing agent licensee within the past two years and that the applicant has not been a permit holder within the past two years;

3)         certification that the permit holder is at least 18 years of age;

4)         certification that the permit holder has successfully completed a four year course of study in a high school or secondary school or an equivalent course of study approved by the Illinois State Board of Education (e.g., GED); and

5)         certification that the permit holder is at the time of application, or will be within a period of 90 days, enrolled in a leasing agent course of instruction approved by the Division.

c)         Upon expiration of the 120 day leasing agent permit period, the permit holder shall immediately cease engaging in leasing agent activities unless the person has been issued a leasing agent sponsor card or a leasing agent license.

d)         A person shall not practice pursuant to a 120 day leasing agent permit more than once in any 24 month period. A person who has been a leasing agent licensee within the past 24 month period shall not practice as a 120 day permit holder.

(Source:  Amended at 30 Ill. Reg. 11075, effective June 8, 2006)