(225 ILCS 454/5-45)
(Section scheduled to be repealed on January 1, 2020)
(a) If a sponsoring broker maintains more than one office within the State,
broker shall notify the Department on forms prescribed by the Department for each office other than the
principal place of business. The brokerage license shall be displayed
conspicuously in each
branch office. The name of each branch office shall be the same as that of the
principal office or shall clearly delineate the branch office's relationship
with the principal office.
(b) The sponsoring broker shall name a managing broker for each branch
office and the
sponsoring broker shall be responsible for supervising all managing brokers.
broker shall notify the Department in writing of the name of all managing brokers of the
sponsoring broker and the office or offices they manage. Any person initially named as a managing broker after April 30, 2011 must either (i) be licensed as a managing broker or (ii) meet all the requirements to be licensed as a managing broker except the required education and examination and secure the managing broker's license within 90 days of being named as a managing broker.
Any changes in managing brokers shall be reported to the Department in writing within 15
days of the
change. Failure to do so shall subject the sponsoring broker to discipline
Section 20-20 of this Act.
(c) The sponsoring broker shall immediately notify the Department in writing of any
opening, closing, or
change in location of any principal or branch office.
(d) Except as provided in this Section, each sponsoring broker shall
maintain a definite office,
or place of business within this State for the transaction of real estate
business, shall conspicuously
display an identification sign on the outside of his or her office of adequate
size and visibility. The office or place of business shall not be located in any
retail or financial business
establishment unless it is separated from the other business by a separate and
distinct area within
the establishment. A broker who is licensed in this State by examination or
pursuant to the
provisions of Section 5-60 of this Act shall not be required to maintain a
definite office or place of
business in this State provided all of the following conditions are met:
(1) the broker maintains an active broker's license
The statements under subdivision (3) of this Section shall be in form and
substance the same as those
under Section 5-60 of this Act and shall operate to the same extent.
(e) Upon the loss of a managing broker who is not replaced by the sponsoring
broker or in the
event of the death or adjudicated disability of the sole proprietor of an
office, a written request for
authorization allowing the continued operation of the office may be submitted
to the Department within 15
days of the loss. The Department may issue a written authorization allowing the
provided that a licensed broker, or in the case of the death or adjudicated
disability of a sole
proprietor, the representative of the estate, assumes responsibility, in
writing, for the operation of
the office and agrees to personally supervise the operation of the office. No
authorization shall be valid for more than 60 days unless extended by the Department for
good cause shown
and upon written request by the broker or representative.
(Source: P.A. 100-831, eff. 1-1-19