Illinois General Assembly - Illinois Compiled Statutes

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225 ILCS 454/10-10

(225 ILCS 454/10-10)

(Section scheduled to be repealed on January 1, 2030)

Sec. 10-10. Disclosure of compensation.

(a) A licensee must disclose to a client the sponsoring broker's
compensation and policy with
regard to cooperating with brokers who represent other parties in a
transaction.

(b) A licensee must disclose to a client all sources of compensation related
to the transaction
received by the licensee from a third party.

(c) If a licensee refers a client to a third party in which the licensee has
greater than a 1% ownership interest
or from which the licensee receives or may receive dividends or other profit
sharing distributions, other than a
publicly held or traded company, for the purpose of the client obtaining
services related to the transaction, then the
licensee shall disclose that fact to the client at the time of making the
referral.

(d) If in any one transaction a sponsoring broker receives compensation from
both the buyer
and seller or lessee and lessor of real estate, the sponsoring broker shall
disclose in writing to a
client the fact that the compensation is being paid by both buyer and seller or
lessee and lessor.

(e) Nothing in the Act shall prohibit the cooperation with or a payment of
compensation to an individual domiciled in any other state or country who is licensed as a broker in
his or her state or country of domicile or to a resident of a country
that does not require a person to be licensed to act as a broker if
the person complies with the laws of the country in which that person resides
and practices there as a broker.

(Source: P.A. 101-357, eff. 8-9-19.)