SB3018 - Illinois

Fee  

  • REAL ESTATE-RESTORE LICENSE

    Amends the Real Estate License Act of 2000. Beginning on May 1, 2012, provides that a managing broker, broker, or leasing agent whose license has been expired for more than 2 years but less than 5 years may have it restored by (i) applying to the Department, (ii) paying the required fee, (iii) completing the continuing education requirements for the current pre-renewal period, and (iv) filing acceptable proof of fitness to have his or her license restored, as set by rule. Provides that a managing broker, broker, salesperson, or leasing agent whose license has been expired for more than 5 years shall be required to meet the requirements for a new license (now, 2 years). Also makes technical changes.

    Senate Committee Amendment No. 1
    Replaces everything after the enacting clause. Amends the Real Estate License Act of 2000. Provides that until April 30, 2011 a salesperson whose license under the Act has expired shall be eligible to renew the license during the 2-year period following the expiration date provided he or she pays the fees as prescribed by rule and completes continuing education and other requirements provided for by the Act or by rule. Beginning on May 1, 2012, provides that a managing broker licensee, broker, or leasing agent whose license has been expired for more than 2 years but less than 5 years may have it restored by (i) applying to the Department, (ii) paying the required fee, (iii) completing the continuing education requirements for the most recent pre-renewal period that ended prior to the date of the application for reinstatement, and (iv) filing acceptable proof of fitness to have his or her license restored, as set by rule. Provides that a managing broker, broker, or leasing agent whose license has been expired for more than 5 years shall be required to meet the requirements for a new license (now, 2 years). Also makes technical changes.

Illinois
Last Update
10/24/2010
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