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(225 ILCS 454/5-60)
(Section scheduled to be repealed on January 1, 2030)
Sec. 5-60. Managing broker licensed in another state; broker licensed in another state;
reciprocal agreements; agent
for service
of process. (a) A managing broker's license may be issued by the Department to a managing broker or its equivalent licensed under the laws of another state of the United States, under the following conditions: (1) the managing broker holds a managing broker's |
| license in a state that has entered into a reciprocal agreement with the Department;
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(2) the standards for that state for licensing as a
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| managing broker are substantially equal to or greater than the minimum standards in the State of Illinois;
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(3) the managing broker has been actively practicing
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| as a managing broker in the managing broker's state of licensure for a period of not less than 2 years, immediately prior to the date of application;
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(4) the managing broker furnishes the Department with
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| a statement under seal of the proper licensing authority of the state in which the managing broker is licensed showing that the managing broker has an active managing broker's license, that the managing broker is in good standing, and any disciplinary action taken against the managing broker in that state;
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(5) the managing broker passes a test on Illinois
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| specific real estate brokerage laws; and
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(6) the managing broker was licensed by an
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| examination in the state that has entered into a reciprocal agreement with the Department.
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(b) A broker's license may be issued by the Department to a broker or its equivalent licensed under the
laws of another
state of the United States, under the following conditions:
(1) the broker holds a broker's license in a state
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| that has entered into a reciprocal agreement with the Department;
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(2) the standards for that state for licensing as a
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| broker are substantially equivalent to or greater than the minimum standards in the State of Illinois;
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(3) (blank);
(4) the broker furnishes the Department with a
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| statement under seal of the proper licensing authority of the state in which the broker is licensed showing that the broker has an active broker's license, that the broker is in good standing, and any disciplinary action taken against the broker in that state;
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(5) the broker passes a test on Illinois specific
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| real estate brokerage laws; and
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(6) the broker was licensed by an examination in a
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| state that has entered into a reciprocal agreement with the Department.
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(c) (Blank).
(d) As a condition precedent to the issuance of a license to a managing broker
or broker pursuant to this Section,
the managing broker or broker shall agree in writing to abide by all the provisions
of this Act with
respect to real estate activities within the State of Illinois and
submit to the jurisdiction of the Department
as provided in this Act. The agreement shall be filed with the Department and shall
remain in force
for so long as the managing broker or broker is licensed by this State
and thereafter with
respect to acts or omissions committed while licensed as a managing broker or
broker in this State.
(e) Prior to the issuance of any license to any managing broker or broker pursuant to this Section, verification of
active licensure issued
for the conduct of such business in any other state must be filed with the Department by
the managing broker or broker,
and the same fees must be paid as provided in this Act for the obtaining of a
managing broker's or broker's license in this State.
(f) Licenses previously granted under reciprocal agreements with other
states shall remain in
force so long as the Department has a reciprocal agreement with the state that includes
the requirements of this Section, unless
that license is suspended, revoked, or terminated by the Department for any reason
provided for
suspension, revocation, or
termination of a resident licensee's license. Licenses granted under
reciprocal agreements may be
renewed in the same manner as a resident's license.
(g) Prior to the issuance of a license to a nonresident managing broker or broker, the managing broker or broker shall file with the Department, in a manner prescribed by the Department, a designation in writing that appoints the Secretary
to act as
agent upon whom all judicial and other process or legal notices
directed to the managing broker or broker may be served. Service upon the agent so designated shall be
equivalent to personal
service upon the licensee. Copies of the appointment, certified by the Secretary, shall be
deemed sufficient evidence thereof and shall be admitted in evidence with the
same force and effect
as the original thereof might be admitted. In the written designation, the managing broker
or broker
shall agree that any lawful process against the licensee that is served upon
the agent shall be of
the same legal force and validity as if served upon the licensee and that the
authority shall continue
in force so long as any liability remains outstanding in this State. Upon the
receipt of any process or notice, the Secretary
shall forthwith deliver a copy of the same by regular mail or email to the last known
business address or email address of the
licensee.
(h) Any person holding a valid license under this Section shall be eligible
to obtain a managing broker's license or a
broker's license without examination should that person change
their state of
domicile to Illinois and that person otherwise meets the qualifications for
licensure under this Act.
(Source: P.A. 103-236, eff. 1-1-24.)
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