Section 1450.245  Inspections and Audits

a)         Inspections 

1)         The Division is authorized to inspect those areas of a sponsoring broker's office open and generally available to the public at any time during normal business hours with or without the sponsoring broker's consent.  With the sponsoring or responsible managing broker's consent or, if no consent is given, then upon 24 hours' notice the Division may conduct a visual and physical inspection of the non-public areas of a sponsoring broker's office and interview any person, including any licensee or non-licensee, who may have knowledge or information about the licensee's practice of real estate.  The licensee may have an attorney present if he or she so chooses.

2)         Except as provided in subsection (b), upon any written or oral request by Division personnel for written documentation, a licensee shall produce the requested documentation within 30 days after the request.

b)         Escrow Audits 

1)         The Division is authorized to audit special accounts, escrow records and documents related to any escrow accounts maintained by the licensee.   Escrow Audits may be conducted at any time with the sponsoring broker's consent or without consent during normal business hours with at least 24 hours' notice and the ability for the licensee to have an attorney present if her or she so chooses.   Escrow Audits may include:

A)        A review and examination of all required, original escrow records as set forth in this Part.

B)        A review and examination of any document, including originals, related to a licensee's escrow accounts.

C)        Interviews of any person, including any licensee or non-licensee, who may have knowledge or information about the licensee's practices for maintaining and administering his or her escrow accounts.

2)         Upon any written or oral request by Division personnel for an Escrow Audit, a licensee shall make available during normal business hours any and all requested escrow records and related documents within 24 hours after the request. If those documents are not required to be kept on site, they shall be provided within 30 days after the request.

c)         Subject to Section 20-20(h)(9) and (18) of the Act, the Division is authorized to obtain a licensee's original records for the purposes of inspection, audit, and reproduction.  The Division shall promptly return all original documents or records to the licensee.

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