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90_HB2268
225 ILCS 455/14 from Ch. 111, par. 5814
Amends the Real Estate License Act of 1983. Makes a
technical change in a Section relating to broker's licenses.
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1 AN ACT to amend the Real Estate License Act of 1983 by
2 changing Section 14.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Real Estate License Act of 1983 is
6 amended by changing Section 14 as follows:
7 (225 ILCS 455/14) (from Ch. 111, par. 5814)
8 Sec. 14. License without examination. A broker's
9 license may be issued by the Office of Banks and Real Estate
10 without examination to a broker licensed under the laws of
11 another state of the United States, such state having entered
12 into a reciprocal agreement with the Office of Banks and Real
13 Estate in regard to issuance of reciprocal licenses, under
14 the following conditions: (1) the broker holds a broker's
15 license in his home state; (2) the standards for that state
16 for registration as a broker are substantially equivalent to
17 the minimum standards in the State of Illinois; (3) the
18 broker has been actively practicing as a broker in the
19 resident state for a period of not less than 2 years,
20 immediately prior to the date of application; (4) the broker
21 furnishes the Office of Banks and Real Estate with a
22 statement under seal of the proper authority in real estate
23 licensure of the state in which the broker is licensed
24 showing that the broker has an active broker's license, is in
25 good standing and no complaints are pending against the
26 broker, in that state.
27 A nonresident salesperson employed by or associated with
28 a broker holding a broker's license in this State may, in the
29 discretion of the Office of Banks and Real Estate, be issued,
30 without examination, a nonresident salesperson's license
31 under such nonresident broker provided all of the following
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1 conditions are met: (1) the state in which the salesperson
2 resides has entered into a reciprocal agreement with the
3 Office of Banks and Real Estate in regard to the issuance of
4 reciprocal licenses; (2) the salesperson maintains an active
5 license in the state in which he resides; and (3) the
6 salesperson resides in the same state as the broker with whom
7 he is associated. The nonresident broker with whom the
8 salesperson is associated shall comply with the provisions of
9 this Act and issue the salesperson a sponsor card upon the
10 form provided by the Office of Banks and Real Estate.
11 Prior to the issuance of a license to a nonresident
12 broker or salesperson, such broker or salesperson shall file
13 with the Office of Banks and Real Estate a designation in
14 writing that appoints the Commissioner to act as his agent
15 upon whom all judicial and other process or legal notices
16 directed to such licensee may be served. Service upon the
17 agent so designated shall be equivalent to personal service
18 upon the licensee. Copies of such appointment, certified by
19 the Commissioner, shall be deemed sufficient evidence thereof
20 and shall be admitted in evidence with the same force and
21 effect as the original thereof might be admitted. In such
22 written designation, the licensee shall agree that any lawful
23 process against the licensee which is served upon such agent
24 shall be of the same legal force and validity as if served
25 upon the licensee, and that the authority shall continue in
26 force so long as any liability remains outstanding in this
27 State. Upon the receipt of any such process or notice, the
28 Commissioner shall forthwith mail a copy of the same by
29 certified mail to the last known business address of the
30 licensee.
31 As a condition precedent to the issuance of a license to
32 a nonresident broker or salesperson, such broker or
33 salesperson shall agree in writing to abide by all the
34 provisions of this Act with respect to his real estate
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1 activities within the State of Illinois and submit to the
2 jurisdiction of the Office of Banks and Real Estate as
3 provided in this Act. Such agreement shall be filed with the
4 Office of Banks and Real Estate and shall remain in force for
5 so long as the nonresident broker or salesperson is licensed
6 by this State and thereafter with respect to acts or
7 omissions committed while licensed as a broker or salesperson
8 in this State.
9 Prior to the issuance of any license to any nonresident,
10 verification of active licensure issued for the conduct of
11 such business in any other state must be filed with the
12 Office of Banks and Real Estate by such nonresident, and the
13 same fees must be paid as provided in this Act for the
14 obtaining of a broker's or salesperson's license in this
15 State.
16 Licenses granted under reciprocal agreements as provided
17 in this Section shall remain in force, unless suspended or
18 revoked or terminated by the Office of Banks and Real Estate
19 for just cause or for failure to pay the required renewal
20 fee, only as long as the reciprocal agreement is in effect
21 between this State and the resident state of the licensee.
22 (Source: P.A. 89-508, eff. 7-3-96.)