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Real Estate License Act Rewrite has not yet passed.
On Sunday May 31, the rewrite of the Illinois Real Estate License Act was included in Senate Bill 268 which incorporates a series of measures. Due to the flurry of budget activity in the summer session, the bill was not considered.
It is anticipated that the bill may be addressed in the fall session.
Among many other changes, the proposed license law :
- eliminates the licensing category of salesperson; every licensee would be either a broker or managing broker
- requires that all salespersons move to the broker license category no later than April 30, 2012, by either passing a proficiency exam or by taking 30 hours of education and passing an exam
- prohibits the issuance of new salesperson licenses after April 30, 2011
- increases the education required for broker licensing from 45 to 90 hours
- requires brokers to take 30 hours of post-licensing education within the first renewal period
- requires 12 hours of continuing education each renewal period after the first renewal
- takes effect December 31, 2009
The current Act Expires December 31, 2009 and some type of action is required. We will keep you posted as updates become available.
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