SB2266 EngrossedLRB098 10244 MGM 40404 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Real Estate License Act of 2000 is amended
5by changing Sections 5-27 and 10-25 as follows:
6    (225 ILCS 454/5-27)
7    (Section scheduled to be repealed on January 1, 2020)
8    Sec. 5-27. Requirements for licensure as a broker.
9    (a) Every applicant for licensure as a broker must meet the
10following qualifications:
11        (1) Be at least 21 years of age. After April 30, 2011,
12    the minimum age of 21 years shall be waived for any person
13    seeking a license as a broker who has attained the age of
14    18 and can provide evidence of the successful completion of
15    at least 4 semesters of post-secondary school study as a
16    full-time student or the equivalent, with major emphasis on
17    real estate courses, in a school approved by the
18    Department;
19        (2) Be of good moral character;
20        (3) Successfully complete a 4-year course of study in a
21    high school or secondary school approved by the Illinois
22    State Board of Education or an equivalent course of study
23    as determined by an examination conducted by the Illinois



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1    State Board of Education which shall be verified under oath
2    by the applicant;
3        (4) Prior to May 1, 2011, provide (i) satisfactory
4    evidence of having completed at least 120 classroom hours,
5    45 of which shall be those hours required to obtain a
6    salesperson's license plus 15 hours in brokerage
7    administration courses, in real estate courses approved by
8    the Advisory Council or (ii) for applicants who currently
9    hold a valid real estate salesperson's license, give
10    satisfactory evidence of having completed at least 75 hours
11    in real estate courses, not including the courses that are
12    required to obtain a salesperson's license, approved by the
13    Advisory Council;
14        (5) After April 30, 2011, provide satisfactory
15    evidence of having completed 90 hours of instruction in
16    real estate courses approved by the Advisory Council, 15
17    hours of which must consist of situational and case studies
18    presented in the classroom or by other interactive delivery
19    method presenting instruction and real time discussion
20    between the instructor and the students;
21        (6) Personally take and pass a written examination
22    authorized by the Department;
23        (7) Present a valid application for issuance of a
24    license accompanied by a sponsor card and the fees
25    specified by rule.
26    (b) The requirements specified in items (4) and (5) of



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1subsection (a) of this Section do not apply to applicants who
2are currently admitted to practice law by the Supreme Court of
3Illinois and are currently in active standing.
4    (c) No applicant shall engage in any of the activities
5covered by this Act until a valid sponsor card has been issued
6to such applicant. The sponsor card shall be valid for a
7maximum period of 45 days after the date of issuance unless
8extended for good cause as provided by rule.
9    (d) All licenses should be readily available to the public
10at their place of business.
11    (e) An individual licensed as a managing broker may return
12that license to the Department with a form provided by the
13Department and shall be issued a broker's license in exchange.
14(Source: P.A. 96-856, eff. 12-31-09.)
15    (225 ILCS 454/10-25)
16    (Section scheduled to be repealed on January 1, 2020)
17    Sec. 10-25. Expiration of brokerage agreement. No licensee
18shall obtain any written brokerage agreement that does not
19either provide for automatic expiration within a definite
20period of time or provide the client with the right to
21terminate the agreement annually by giving no more than 30 days
22prior written notice. No notice of termination at the final
23expiration thereof shall be required. Any written brokerage
24agreement not containing a provision for automatic expiration
25shall be void. When the license of any sponsoring broker is



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1suspended or revoked, any brokerage agreement with the
2sponsoring broker shall be deemed to expire upon the effective
3date of the suspension or revocation.
4(Source: P.A. 91-245, eff. 12-31-99.)
5    Section 99. Effective date. This Act takes effect upon
6becoming law.