(225 ILCS 454/15-50)
(Section scheduled to be repealed on January 1, 2030)
Sec. 15-50. Designated agency.
(a) A sponsoring broker entering into an agreement with any person for the
listing of property
or for the purpose of representing any person in the buying, selling,
exchanging, renting, or leasing
of real estate shall specifically designate those licensees employed by or
affiliated with the
sponsoring broker who will be acting as legal agents of that person to the
exclusion of all other
licensees employed by or affiliated with the sponsoring broker. A sponsoring
broker entering into
an agreement under the provisions of this Section shall not be considered to be
acting for more than
one party in a transaction if the licensees specifically designated as legal
agents of a person are not
representing more than one party in a transaction.
(b) A sponsoring broker designating affiliated licensees to act as agents of clients shall take
ordinary and necessary care to protect confidential information disclosed by a client to his or her
designated agent.
(c) A designated agent may disclose to his or her sponsoring broker or
persons specified by the
sponsoring broker confidential information of a client for the purpose of
seeking advice or
assistance for the benefit of the client in regard to a possible transaction.
Confidential information
shall not be disclosed by the sponsoring broker or other specified
representative of the sponsoring
broker unless otherwise required by this Act or requested or permitted
by the client who
originally disclosed the confidential information.
(Source: P.A. 101-357, eff. 8-9-19.)
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