225 ILCS 454/5-15
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 5 - Licensing And Education

(Section scheduled to be repealed on January 1, 2030)Sec. 5-15. Necessity of managing broker, broker, or residential leasing agent license; ownership  restrictions.(a) It is unlawful for any person, as defined in Section 1-10, to act as  a managing broker, broker, or residential leasing agent or to advertise  or assume to act as such  managing broker, broker or residential leasing agent without a license issued in accordance with   this Act and a valid sponsorship registered with the Department, either directly or through its authorized designee.(b) No corporation shall be granted a license or engage in the business or  capacity, either  directly or indirectly, of a broker, unless every officer of the  corporation who actively  participates in the real estate activities of the corporation holds a license  as a managing broker or broker  and unless every employee who acts as a managing broker, broker, or residential leasing agent for the  corporation holds a  license as a managing broker, broker, or residential leasing agent. All nonparticipating owners or officers shall submit affidavits of nonparticipation as required by the Department. No corporation shall be granted a license if any nonparticipating owner or officer has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.(c) No partnership shall be granted a license or engage in the business or  serve in the capacity,  either directly or indirectly, of a broker, unless every  partner in the partnership who actively participates in the real estate activities of the partnership  holds a license as a managing broker or broker and unless every employee who acts as a  managing broker, broker, or residential  leasing agent for the partnership holds a license as a managing broker, broker,   or residential leasing  agent. All nonparticipating partners shall submit affidavits of nonparticipation as required by the Department.  In the case of a registered limited liability partnership (LLP), every  partner in the LLP that actively participates in the real estate activities of the limited liability partnership  must hold a license as a managing broker or broker and every employee who acts as a  managing broker, broker, or residential leasing  agent must hold a license as a managing broker, broker, or residential leasing  agent. All nonparticipating limited liability partners shall submit affidavits of nonparticipation as required by the Department. No partnership shall be granted a license if any nonparticipating partner has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.(d) No limited liability company shall be granted a license or engage in the  business or serve in  the capacity, either directly or indirectly, of a broker unless  every member or manager in  the limited liability company that actively participates in the real estate activities of the limited liability company holds a license as a managing broker or broker and  unless every other member and employee who  acts as a managing broker, broker, or residential leasing agent for the limited liability company holds  a license as a managing broker, broker, or residential leasing agent. All nonparticipating members or managers shall submit affidavits of nonparticipation as required by the Department. No limited liability company shall be granted a license if any nonparticipating member or manager has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.(e) (Blank).(f) No person, partnership, or business entity shall be granted a license if any owner, officer, director, partner, limited liability partner, member, or manager has been denied a real estate license by the Department in the previous 5 years or is otherwise currently barred from real estate practice because of a suspension or revocation. (Source: P.A. 100-831, eff. 1-1-19; 101-357, eff. 8-9-19.)