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 1450.920 INSPECTIONS AND AUDITS
Section 1450.920 Inspections and Audits
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 broker or designated managing broker's consent or, without consent, with at least 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 real estate practice. The licensee may have an attorney present. The Division's action will not be postponed due to a licensee's attorney's unreasonable delay.
2) Except as otherwise allowed by subsection (b), upon any written or oral request by the Division for written documentation, a licensee shall produce the requested documentation within 30 days after the request.
b) Escrow Audits
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 with at least 24 hours notice. The licensee may have an attorney present. The Division's action will not be postponed due to a licensee's attorney's unreasonable delay. Escrow audits may include:
1) A review and examination of all required, original escrow records as set forth in this Part.
2) A review and examination of any document, including originals, related to a licensee's escrow accounts.
3) 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 escrow accounts.
c) As set forth in Section 20-20(a)(18) and (27) of the Act, the Division is authorized to obtain a licensee's original records, including hard copy or electronic 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 43 Ill. Reg. 1975, effective January 25, 2019)