(225 ILCS 454/10-25)
(Section scheduled to be repealed on January 1, 2030)
Sec. 10-25. Expiration of brokerage agreement. No licensee shall obtain any written brokerage agreement that does not either provide
for automatic
expiration within a definite period of time, and if longer than one year, provide the client with a right to terminate the agreement annually by giving no more than 30 days' prior written notice. Any written brokerage agreement not containing such a provision
shall be void. When the license of any sponsoring broker is
suspended or revoked, any
brokerage agreement with the sponsoring broker shall be deemed to expire upon
the effective date
of the suspension or revocation.
(Source: P.A. 103-236, eff. 1-1-24.)
|