(225 ILCS 454/5-45)
(Section scheduled to be repealed on January 1, 2030)
(a) If a sponsoring broker maintains more than one office within the State,
broker shall notify the Department in a manner prescribed by the Department for each office other than the
principal place of business. The brokerage license shall be displayed
conspicuously in each
office. The name of each branch office shall be the same as that of the
principal office or shall clearly delineate the office's relationship
with the principal office.
(b) The sponsoring broker shall name a designated managing broker for each
office and the
sponsoring broker shall be responsible for supervising all designated managing brokers.
broker shall notify the Department in a manner prescribed by the Department of the name of all designated managing brokers of the
sponsoring broker and the office or offices they manage.
Any changes in designated managing brokers shall be reported to the Department in a manner prescribed by the Department 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, within 24 hours, notify the Department in a manner prescribed by the Department of any
opening, closing, or
change in location of any office.
(d) Except as provided in this Section, each sponsoring broker shall
maintain an 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 physical office of adequate
size and visibility. Any record required by this Act to be created or maintained shall be, in the case of a physical record, securely stored and accessible for inspection by the Department at the sponsoring broker's principal office and, in the case of an electronic record, securely stored in the format in which it was originally generated, sent, or received and accessible for inspection by the Department by secure electronic access to the record. Any record relating to a transaction of a special account shall be maintained for a minimum of 5 years, and any electronic record shall be backed up at least monthly. The office or place of business shall not be located in any
retail or financial business
establishment unless it is clearly separated from the other business and is situated within a
distinct area within
(e) 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.
(f) The Department may adopt rules to permit and regulate the operation of virtual offices that do not have a fixed location.
(Source: P.A. 100-831, eff. 1-1-19; 101-357, eff. 8-9-19.)