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 1450.745 CORPORATION FOR INDIRECT PAYMENT


 

Section 1450.745  Corporation for Indirect Payment

 

a)         Every sponsored licensee who forms a corporation as set forth in Section 10-20(e) of the Act, for the purpose of receiving the sponsored licensee's compensation, shall submit to the Licensing Section of the Division a copy of the certificate of incorporation issued by the Illinois Secretary of State.

 

b)         A corporation, formed as set forth in Section 10-20(e) of the Act, may only receive compensation earned by the licensee. The corporation may not:

 

1)         be licensed under the Act;

 

2)         perform licensed activities;

 

3)         sponsor, employ or associate itself with other licensees; or

 

4)         hold itself out to the public, or advertise to the public, under the corporation's name.

 

c)         A corporation, as set forth in Section 10-20(e) of the Act, may receive compensation earned by the licensee arising out of activities unrelated to licensed activities.

 

(Source:  Amended at 40 Ill. Reg. 12588, effective September 2, 2016)