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 1450.600 APPLICATION FOR CORPORATIONS, LIMITED LIABILITY COMPANIES, PARTNERSHIPS, LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS LICENSES


 

Section 1450.600  Application for Corporations, Limited Liability Companies, Partnerships, Limited Partnerships and Limited Liability Partnerships Licenses

 

a)         Each applicant for a corporation, limited liability company, partnership, limited partnership or limited liability partnership license shall submit:

 

1)         A signed and completed application on forms provided by the Division;

 

2)         The required fee set forth in Section 1450.130;

 

3)         A Federal Employer Identification Number (FEIN);

 

4)         A completed consent to examine and audit special accounts form;

 

5)         A completed real estate information form; and

 

6)         If an assumed name will be used, a copy of the filing or certificate authorizing it to do business, as set forth in the Assumed Business Name Act [805 ILCS 405].

 

b)         All requirements for a licensee to engage in licensed activities as a corporation, limited liability company, partnership, limited partnership or limited liability partnership shall be met within one year after the date of original application or the application shall be denied and the fee forfeited. Thereafter, to be considered for licensure, the applicant shall submit a new application with the required fee.

 

c)         Corporations, in addition to the items listed in subsection (a), shall submit the following:

 

1)         A signed and completed application containing the name of the corporation and its registered address, a list of all officers' names and the license number for each officer who is licensed as a broker or managing broker;

 

2)         A copy of the Articles of Incorporation bearing the seal of the office, in the jurisdiction in which the corporation is organized, whose duty it is to register corporations under the laws of that jurisdiction. If it is a foreign corporation, a copy of the certificate of authority to transact business in this State, filed with the Illinois Secretary of State, is also required;

 

3)         All unlicensed officers shall submit affidavits of non-participation with the application. Licensed leasing agents shall not be officers of the corporation even if they submit an affidavit of non-participation; and

 

4)         A list of all shareholders, the number of shares of the corporation owned by each shareholder and the license number for each shareholder who is a licensee.

 

d)         Limited liability companies, in addition to the items listed in subsection (a), shall submit the following:

 

1)         A signed and completed application containing the name of the limited liability company and its registered address; and

 

A)        if member-managed, a list of all members' names and the license number for each member who is licensed as a broker or managing broker;

 

B)        if manager-managed, a list of all managers' names and the license number for each manager who is licensed as a broker or managing broker;

 

2)         If a member or manager is an entity, the applicant shall provide a list of all members' or managers' names and the license number for each owner, officer, manager, member or partner of the entity who is licensed as a broker or managing broker;

 

3)         A copy of the Articles of Organization filed with the Illinois Secretary of State or, if it is a foreign limited liability company, a copy of the application for admission endorsed by the Illinois Secretary of State; and

 

4)         All unlicensed members, including a member entity's owner, officer, member or partner, shall submit affidavits of non-participation. Licensed leasing agents shall not be managers of the limited liability company even if they submit an affidavit of non-participation.

 

e)         Partnerships, in addition to the items listed in subsection (a), shall submit the following:

 

1)         A signed and completed application containing the name of the partnership, its business address and a list of all general partners' names and the license number for each general partner who is licensed as a broker or managing broker. Licensed leasing agents shall not be general partners; and

 

2)         An affidavit stating that the partnership has been legally formed.

 

3)         If a sponsoring broker, acting as a partnership, operates under any name other than that appearing on the sponsoring broker's license, the sponsoring broker shall submit to the Division a copy of the filing or certificate authorizing it to do business under an assumed name from the Illinois Secretary of State's Office (Form UPA-303) and certified copy of the sponsoring broker's registration under the Assumed Business Name Act [805 ILCS 405]. The assumed business name registration shall be obtained in each county in which the assumed business name is used.

 

f)         Limited partnerships or limited liability partnerships, in addition to the items listed in subsection (a), shall submit the following:

 

1)         A signed and completed application containing the name of the limited partnership or limited liability partnership, its business address, and a list of all partners' names and the license number for each partner who is licensed as a broker or managing broker. If a partner is an entity, the applicant shall provide a list of all partners' names and the license number for each owner, officer, manager, member or partner of the entity who is licensed as a broker or managing broker;

 

2)         A letter of authority from the Illinois Secretary of State or, if it is a foreign limited partnership or foreign limited liability partnership, a copy of the application for admission endorsed by the Illinois Secretary of State; and

 

3)         Affidavits of non-participation from all unlicensed partners.

 

g)         For  a leasing agent, or group of leasing agents, owning, or directly or indirectly controlling, more than 49% of a corporation, limited liability company, partnership, limited partnership or limited liability partnership, as set forth in Section 5-15(e) of the Act, the following may be considered by the Division:

 

1)         Corporations: leasing agents in any limited liability company, partnership, limited partnership or limited liability partnership who have an interest in the corporation.

 

2)         Limited Liability Companies: leasing agents in any corporation, partnership, limited partnership or limited liability partnership who are members of the limited liability company.

 

3)         Partnerships, Limited Partnerships or Limited Liability Partnerships: leasing agents in any corporation or limited liability company who are partners in the partnership, limited partnership or limited liability partnership.

 

4)         Division as necessary to determine compliance with this Section.

 

h)         After receipt and approval of the application, required fee and appropriate documentation, the Division shall issue a license to the corporation, limited liability company, partnership, limited partnership or limited liability partnership, or shall notify the applicant of the basis for denial.

 

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