(225 ILCS 454/5-50)
(Section scheduled to be repealed on January 1, 2020)
Expiration and renewal of managing broker, broker, or
leasing agent license; sponsoring broker;
register of licensees; pocket card.
(a) The expiration date and renewal period for each license issued under
this Act shall be set by
rule. Except as otherwise provided in this Section, the holder of
license may renew
the license within 90 days preceding the expiration date thereof by completing the continuing education required by this Act and paying the
fees specified by
(b) An individual whose first license is that of a broker received on or after the effective date of this amendatory Act of the 100th General Assembly, must provide evidence of having completed 30 hours of post-license education in courses recommended by the Board and approved by the Department, 15 hours of which must consist of situational and case studies presented in a classroom or a live, interactive webinar, online distance education course, or home study course. Credit for courses taken through a home study course shall require passage of an examination approved by the Department prior to the first renewal of their broker's license.
(c) Any managing broker, broker, or leasing agent whose license under this Act has expired shall be eligible to renew the license during the 2-year period following the expiration date, provided the managing broker, broker, or leasing agent pays the fees as prescribed by rule and completes continuing education and other requirements provided for by the Act or by rule. Beginning on May 1, 2012, a managing broker licensee, broker, or leasing agent whose license has been expired for more than 2 years but less than 5 years may have it restored by (i) applying to the Department, (ii) paying the required fee, (iii) completing the continuing education requirements for the most recent pre-renewal period that ended prior to the date of the application for reinstatement, and (iv) filing acceptable proof of fitness to have his or her license restored, as set by rule. A managing broker, broker, or leasing agent whose license has been expired for more than 5 years shall be required to meet the requirements for a new license.
(d) Notwithstanding any other provisions of this Act to the contrary, any managing broker, broker, or leasing agent whose license expired while he or she was (i) on active duty with the Armed Forces of the United States or called into service or training by the state militia, (ii) engaged in training or education under the supervision of the United States preliminary to induction into military service, or (iii) serving as the Coordinator of Real Estate in the State of Illinois or as an employee of the Department may have his or her license renewed, reinstated or restored without paying any lapsed renewal fees if within 2 years after the termination of the service, training or education by furnishing the Department with satisfactory evidence of service, training, or education and it has been terminated under honorable conditions.
(e) The Department shall establish and
maintain a register of all persons currently licensed by the
State and shall issue and prescribe a form of pocket card. Upon payment by a licensee of the appropriate fee as prescribed by
rule for engagement in the activity for which the licensee is
qualified and holds a license for the current period, the
Department shall issue a pocket card to the licensee. The
pocket card shall be verification that the required fee for the
current period has been paid and shall indicate that the person named thereon is licensed for the current renewal period as a
managing broker, broker, or leasing agent as the
case may be. The pocket card shall further indicate that the
person named thereon is authorized by the Department to
engage in the licensed activity appropriate for his or her
status (managing broker, broker, or leasing
agent). Each licensee shall carry on his or her person his or
her pocket card or, if such pocket card has not yet been
issued, a properly issued sponsor card when engaging in any
licensed activity and shall display the same on demand.
(f) The Department shall provide to the sponsoring broker a notice of renewal for all sponsored licensees by mailing the notice to the sponsoring broker's address of record, or, at the Department's discretion, by an electronic means as provided for by rule.
(g) Upon request from the sponsoring broker, the Department shall make available to the sponsoring broker, either by mail or by an electronic means at the discretion of the Department, a listing of licensees under this Act who, according to the records of the Department, are sponsored by that broker. Every licensee associated with or employed by a broker whose license is revoked, suspended, terminated, or expired shall be considered as inoperative until such time as the sponsoring broker's license is reinstated or renewed, or the licensee changes employment as set forth in subsection (c) of Section 5-40 of this Act.
(Source: P.A. 99-227, eff. 8-3-15; 100-188, eff. 1-1-18