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 1450.905 TEMPORARY SUSPENSION
Section 1450.905 Temporary Suspension
The Secretary may temporarily suspend a license without a hearing, simultaneously with the institution of proceedings for a hearing provided for in Section 20-60 of the Act, if the Secretary finds evidence indicating public interest, safety or welfare imperatively requires emergency action. Emergency action is imperatively required when a licensee's conduct poses a threat that the public's or another licensee's money will be stolen or defalcated or that continued licensure of a licensee will be a threat to the safety of the public or another licensee.
a) The Division may consider any one or more of the acts committed by a licensee including, but not limited to:
1) Failure to account for or to remit any moneys or documents that belong to others as set forth in Section 20-20(a)(16) of the Act;
2) Failure to maintain and deposit in a special or escrow account, separate and apart from personal and other business accounts, all escrow moneys belonging to others entrusted to a designated managing broker or sponsoring broker while acting as a licensee, escrow agent or temporary custodian of the funds of others, as set forth in Section 20-20(a)(17) of the Act;
3) Failure to make escrow records and related documents for the immediately preceding 2 years and located in the sponsoring broker's office available, within 24 hours after request, to the Division during normal business hours , as set forth in Section 20-20(a)(18) of the Act and Section 1450.755. This action alone shall not be sufficient grounds for a temporary suspension;
4) Failure to make escrow records and related documents more than 2 years old that may not be located in the sponsoring brokers' office available, within 30 days after request, to the Division during normal business hours, in hard copy or electronically, as set forth in Section 20-20(a)(27) of the Act and Section 1450.755; and
5) Commingling money or property of others with the licensee's own money or property, as set forth in Section 20-20(a)(22) of the Act.
b) A petition for temporary suspension shall:
1) State the statutory basis for the action petitioned;
2) Allege facts, supported by sufficient evidence; and
3) Be presented to the Director either in person or by telephone and in the presence of a court reporter.
c) An order for temporary suspension shall:
1) Contain sufficient notice regarding the basis for the action;
2) Recite the statutory basis for the action;
3) Demand immediate surrender of the license; and
4) Be signed by the Director.
d) A notice of temporary suspension shall accompany the order and shall:
1) Set a hearing date within 30 days after the date on which the order takes effect;
2) Identify the location where the hearing will take place; and
3) Provide information as to where the licensee may obtain the Division's Rules of Practice in Administrative Hearings (68 Ill. Adm. Code 1110).
(Source: Amended at 43 Ill. Reg. 1975, effective January 25, 2019)