(225 ILCS 454/5-15)
(Section scheduled to be repealed on January 1, 2030)
Sec. 5-15. Necessity of managing broker, broker, or residential leasing agent license; ownership
restrictions. (a) It is unlawful for any person, as defined in Section 1-10, to act as
a managing broker, broker, or residential leasing agent or to advertise
or assume to act as such
managing broker, broker or residential leasing agent without a license issued in accordance with
this Act and a valid sponsorship registered with the Department, either directly or through its authorized designee.
(b) No corporation shall be granted a license or engage in the business or
capacity, either
directly or indirectly, of a broker, unless every officer of the
corporation who actively
participates in the real estate activities of the corporation holds a license
as a managing broker or broker
and unless every employee who acts as a managing broker, broker, or residential leasing agent for the
corporation holds a
license as a managing broker, broker, or residential leasing agent. All nonparticipating owners or officers shall submit affidavits of nonparticipation as required by the Department. No corporation shall be granted a license if any nonparticipating owner or officer has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(c) No partnership shall be granted a license or engage in the business or
serve in the capacity,
either directly or indirectly, of a broker, unless every
partner in the partnership who actively participates in the real estate activities of the partnership
holds a license as a managing broker or broker and unless every employee who acts as a
managing broker, broker, or residential
leasing agent for the partnership holds a license as a managing broker, broker,
or residential leasing
agent. All nonparticipating partners shall submit affidavits of nonparticipation as required by the Department. In the case of a registered limited liability partnership (LLP), every
partner in the LLP that actively participates in the real estate activities of the limited liability partnership
must hold a license as a managing broker or broker and every employee who acts as a
managing broker, broker, or residential leasing
agent must hold a license as a managing broker, broker, or residential leasing
agent. All nonparticipating limited liability partners shall submit affidavits of nonparticipation as required by the Department. No partnership shall be granted a license if any nonparticipating partner has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(d) No limited liability company shall be granted a license or engage in the
business or serve in
the capacity, either directly or indirectly, of a broker unless
every member or manager in
the limited liability company that actively participates in the real estate activities of the limited liability company holds a license as a managing broker or broker and
unless every other member and employee who
acts as a managing broker, broker, or residential leasing agent for the limited liability company holds
a license as a managing broker, broker, or residential leasing agent. All nonparticipating members or managers shall submit affidavits of nonparticipation as required by the Department. No limited liability company shall be granted a license if any nonparticipating member or manager has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(e) (Blank).
(f) No person, partnership, or business entity shall be granted a license if any owner, officer, director, partner, limited liability partner, member, or manager has been denied a real estate license by the Department in the previous 5 years or is otherwise currently barred from real estate practice because of a suspension or revocation. (Source: P.A. 100-831, eff. 1-1-19; 101-357, eff. 8-9-19.)
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