(225 ILCS 454/5-47)
(Section scheduled to be repealed on January 1, 2020)
Sec. 5-47. Transition to managing broker's license.
(a) A new license for managing brokers is created effective May 1, 2011. The following transition rules shall apply for those brokers listed as managing brokers with the Department as of April 30, 2011. Those individuals licensed as brokers and listed as managing brokers with the Department as of April 30, 2011 must meet the following qualifications to obtain a managing broker's license:
(1) provide evidence of having completed the 45 hours
of broker management education approved by the Advisory Council and having passed a written examination approved by the Department and administered by a licensed pre-license school; or
(2) provide evidence of passing a Department-approved
proficiency examination administered by a licensed pre-license school, which proficiency examination may only be taken one time by any one individual broker; and
(3) present a valid application for a managing
broker's license no later than April 30, 2012 accompanied by a sponsor card and the fees specified by rule.
(b) The education requirements specified in item (1) of subsection (a) of this Section do not apply to applicants who are currently admitted to practice law by the Supreme Court of Illinois and are currently in active standing.
(Source: P.A. 96-856, eff. 12-31-09.)
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Last modified: February 18, 2015