Illinois General Assembly - Illinois Compiled Statutes

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225 ILCS 454/5-29

    (225 ILCS 454/5-29)
    (Section scheduled to be repealed on January 1, 2030)
    Sec. 5-29. Temporary practice as a designated managing broker.

Upon the loss of a designated managing broker who is not replaced by the sponsoring broker or in the event of the death or disability of a self-sponsored managing broker, a written request for authorization allowing the continued operation of the office may be submitted to the Department within 15 days of the loss. The Department may issue a written authorization allowing the continued operation, provided that a licensed managing broker or, in the case of the death or disability of a self-sponsored managing broker, the representative of the estate, assumes responsibility, in writing, for the operation of the office and agrees to personally supervise the operation of the office.  No such written authorization shall be valid for more than 60 days unless extended by the Department for good cause shown and upon written request by the broker or representative.

(Source: P.A. 103-236, eff. 1-1-24.)