(225 ILCS 454/10-20)
(Section scheduled to be repealed on January 1, 2030)
Sec. 10-20. Sponsoring broker; employment agreement.
(a) A licensee may perform activities as a licensee only for his or her
sponsoring broker. A
licensee must have only one sponsoring broker at any one time.
(b) Every broker who employs licensees or has an independent contractor
relationship with a
licensee shall have a written employment or independent contractor agreement with each such licensee.
The
broker having
this written employment or independent contractor agreement with the licensee must be that licensee's
sponsoring broker.
(c) Every sponsoring broker must have a written employment or independent contractor agreement with
each licensee the
broker sponsors. The agreement shall address the employment or independent
contractor
relationship terms, including without limitation supervision,
duties, compensation, and
termination process.
(d) (Blank).
(e) Notwithstanding the fact that a sponsoring broker has an employment or independent contractor
agreement with a
licensee, a sponsoring broker may pay compensation directly to a business entity
solely owned by that
licensee that has been formed for the purpose of receiving compensation earned
by the licensee.
A business entity that receives compensation from a sponsoring broker as provided for in this subsection (e) shall
not be required to be
licensed under this Act and must either be owned solely by the licensee or by the licensee together with the licensee's spouse, but only if the spouse and licensee are both licensed and sponsored by the same sponsoring broker or the spouse is not also licensed.
(Source: P.A. 100-831, eff. 1-1-19; 101-357, eff. 8-9-19.)
|