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)