2005 Illinois Code - 225 ILCS 454/ Real Estate License Act of 2000. Article 25 - Administration Of Licenses
(225 ILCS 454/Art. 25 heading)
ARTICLE 25.
ADMINISTRATION OF LICENSES
(225 ILCS 454/25‑5)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑5.
OBRE; powers and duties.
OBRE shall exercise the powers and duties prescribed by the Civil
Administrative Code of Illinois
for the administration of licensing acts and shall exercise such other powers
and duties as are
prescribed by this Act. OBRE may contract with third parties for services
necessary for the proper
administration of this Act.
(Source: P.A. 91‑245, eff. 12‑31‑99.)
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(225 ILCS 454/25‑10)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑10.
Real Estate Administration and Disciplinary
Board;
duties.
There is created the Real Estate Administration and Disciplinary Board.
The Board shall be composed of 9 persons appointed by the Governor. Members
shall be
appointed to the Board subject to the following conditions:
(1) All members shall have been residents and |
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citizens of this State for at least 6 years prior to the date of appointment.
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(2) Six members shall have been actively engaged as
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brokers or salespersons or both for at least the 10 years prior to the appointment.
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(3) Three members of the Board shall be public
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members who represent consumer interests.
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None of these members shall be a person who is licensed under this
Act, the spouse of a
person licensed under this Act, or a person who has an ownership interest in a
real estate brokerage
business.
The members' terms shall be 4 years and the expiration of their terms shall be
staggered.
Appointments to fill vacancies shall be for the unexpired portion of the term.
A member may be reappointed for successive terms but no person shall be
appointed to more than 2 terms or any part thereof in
his or her lifetime.
Persons holding office as members of the Board immediately prior to December
31, 1999
under the Real Estate License Act of 1983 shall continue as members of the
Board until the
expiration of the
term for which they were appointed and until their successors are appointed and
qualified.
The membership of the Board should reasonably reflect the geographic
distribution of the licensee
population in this State. In making the appointments, the Governor shall give
due consideration
to the recommendations by members and organizations of the profession.
The Governor may terminate the appointment of any member for cause that in the
opinion of the
Governor reasonably justifies the termination. Cause for termination shall
include without limitation
misconduct, incapacity, neglect of duty, or missing 4 board meetings during any
one
calendar year.
Each member of the Board shall receive a per diem stipend in an amount to be
determined by the
Commissioner. Each member shall be paid his or her necessary expenses while
engaged in the
performance of his or her duties. Such compensation and expenses shall be paid
out of the Real Estate
License Administration Fund.
The Commissioner shall consider the recommendations of the Board on questions
involving
standards of professional conduct, discipline, and examination of candidates
under this Act.
OBRE, after notifying and considering the recommendations of the Board, if any,
may issue rules,
consistent with the provisions of this Act, for the administration and
enforcement thereof and may
prescribe forms that shall be used in connection therewith.
None of the functions, powers, or duties enumerated in Sections 20‑20 and 30‑5
and subsections (a) and
(j) of Section 20‑60 of this Act shall be exercised by OBRE except upon the
action and report in
writing of the Board.
(Source: P.A. 91‑245, eff. 12‑31‑99.)
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(225 ILCS 454/25‑13)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑13.
Rules.
OBRE, after notifying and considering the recommendations of the Board, if any,
shall adopt,
promulgate, and issue any rules that may be necessary for the implementation
and enforcement of
this Act.
(Source: P.A. 91‑245, eff. 12‑31‑99.)
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(225 ILCS 454/25‑14)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑14.
Reliance on advisory letters.
Licensees or their
representatives may seek an advisory letter from OBRE as to matters arising
under this Act or the rules promulgated pursuant to this Act. OBRE shall
promulgate rules as to the process of seeking and obtaining an advisory letter
and topics and areas on which advisory rules will be issued by OBRE. A
licensee is entitled to rely upon an advisory letter from OBRE and will not be
disciplined by OBRE for actions taken in reliance on the advisory letter.
(Source: P.A. 92‑217, eff. 8‑2‑01.)
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(225 ILCS 454/25‑15)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑15.
Director of Real Estate; duties.
There shall be in OBRE a Director and a Deputy Director of Real Estate,
appointed by the
Commissioner, who shall hold
a currently valid broker's license, which shall be surrendered to OBRE during
the appointment.
The Director of Real Estate shall report to the Commissioner and shall do the
following:
(1) act as Chairperson of the Board, ex‑officio, |
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(2) be the direct liaison between OBRE, the
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profession, and real estate organizations and associations;
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(3) prepare and circulate to licensees any
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educational and informational material that OBRE deems necessary for providing guidance or assistance to licensees;
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(4) appoint any necessary committees to assist in
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the performance of the functions and duties of OBRE under this Act; and
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(5) subject to the administrative approval of the
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Commissioner, supervise all real estate activities of OBRE.
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The Commissioner shall appoint, for a term of 4 years, a Deputy Director of
Real Estate who shall hold a currently valid broker's license, which shall be
surrendered to OBRE during the appointment. Under direction of the Director of
Real Estate, the Deputy Director of Real Estate shall be responsible for the
administration of the licensing, disciplinary, and education provisions of this
Act. The Deputy Director shall also assist the Director of Real Estate in the
performance of his or her duties.
In designating the Director and Deputy Director of Real Estate, the
Commissioner shall give due
consideration to
recommendations by members and organizations of the profession.
(Source: P.A. 91‑245, eff. 12‑31‑99.)
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(225 ILCS 454/25‑20)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑20.
Staff.
OBRE shall employ sufficient staff to carry out the provisions of this Act.
(Source: P.A. 91‑245, eff. 12‑31‑99.)
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(225 ILCS 454/25‑25)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑25. Real Estate Research and Education Fund. A special fund to be known as the Real Estate Research and Education Fund is
created and shall be
held in trust in the State Treasury. Annually, on September 15th, the State
Treasurer shall cause a
transfer of $125,000 to the Real Estate Research and Education Fund from the
Real Estate License
Administration Fund. The Real Estate Research and Education Fund shall be
administered by
OBRE. Money deposited in the Real Estate Research and Education Fund may be
used for research and
education at state
institutions of higher education or other organizations for research and the
advancement of
education in the real estate industry.
Of the $125,000 annually transferred into the Real Estate Research and
Education Fund, $15,000
shall be used to fund a scholarship program for persons of minority racial
origin who wish to
pursue a course of study in the field of real estate. For the purposes of this
Section, "course of
study" means a course or courses that are part of a program of courses in the
field of real estate
designed to further an individual's knowledge or expertise in the field of real
estate. These courses
shall include without limitation courses that a salesperson licensed under this
Act must
complete to qualify for a real estate broker's license, courses required to
obtain the Graduate
Realtors Institute designation, and any other courses or programs offered by
accredited colleges,
universities, or other institutions of higher education in Illinois. The
scholarship program shall be
administered by OBRE or its designee.
Moneys in the Real Estate Research and Education Fund may be invested and
reinvested in the
same manner as funds in the Real Estate Recovery Fund and all earnings,
interest, and dividends
received from such investments shall be deposited in the Real Estate Research
and Education Fund
and may be used for the same purposes as moneys transferred to the Real Estate
Research and Education Fund. Moneys in the Real Estate Research and Education Fund may be transferred to the Professions Indirect Cost Fund as authorized under Section 2105‑300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.
(Source: P.A. 94‑91, eff. 7‑1‑05.)
(225 ILCS 454/25‑30)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑30. Real Estate License Administration Fund; audit. A special fund to be known as the Real Estate License Administration Fund is
created in the State
Treasury. All fees received by OBRE under this Act shall be deposited in
the Real Estate License Administration Fund. The
moneys
deposited in the Real Estate License Administration Fund shall be appropriated
to OBRE for
expenses of OBRE and the Board in the administration of this Act and for the
administration of any
Act administered by OBRE providing revenue to this Fund.
Moneys in the Real Estate License Administration Fund may be invested and
reinvested in the
same manner as funds in the Real Estate Recovery Fund. All earnings received
from such
investment shall be deposited in the Real Estate License Administration Fund
and may be used for
the same purposes as fees deposited in the Real Estate License Administration
Fund.
Moneys in the Real Estate License Administration Fund may be transferred to the Professions Indirect Cost Fund as authorized under Section 2105‑300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois. Upon the completion of any audit of OBRE, as prescribed by the Illinois State
Auditing Act, which
includes an audit of the Real Estate License Administration Fund, OBRE shall
make the audit open
to inspection by any interested person.
(Source: P.A. 94‑91, eff. 7‑1‑05.)
(225 ILCS 454/25‑35)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑35.
Real Estate Recovery Fund.
A special fund to be known as the Real Estate Recovery Fund is created in
the
State Treasury. The
sums received by OBRE pursuant to the provisions of Sections 20‑20, 20‑30, and
20‑80
through 20‑100 of this Act
shall be deposited into the State Treasury and held in the Real
Estate Recovery Fund. The money in the Real Estate Recovery Fund shall be used
by
OBRE exclusively for
carrying out the
purposes established by this Act. If, at any time, the balance remaining in
the Real Estate Recovery Fund is less than
$750,000, the State Treasurer shall cause a transfer of moneys to the Real
Estate Recovery Fund
from the Real Estate License Administration Fund in an amount necessary to
establish a balance of
$800,000 in the Real Estate Recovery Fund. These funds may be invested and
reinvested in
the same manner
as authorized for pension funds in Article 14 of the Illinois Pension Code.
All
earnings, interest, and
dividends received from investment of funds in the Real Estate Recovery Fund
shall be deposited
into the Real Estate License Administration Fund and shall be used for the same
purposes as other
moneys deposited in the Real Estate License Administration Fund.
(Source: P.A. 91‑245, eff. 12‑31‑99.)
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(225 ILCS 454/25‑37)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑37. Real Estate Audit Fund; audit of special accounts; audit of
fund.
(a) A special fund to be known as the Real Estate Audit Fund is created in
the State Treasury. The State Treasurer shall cause a transfer of $200,000
from the Real Estate License Administration Fund to the Real Estate Audit Fund
on January 1, 2002. If, at any time, the balance in the Real Estate Audit Fund
is less than $25,000, the State Treasurer shall cause a transfer of $200,000
from the Real Estate License Administration Fund to the Real Estate Audit Fund.
The moneys held in the Real Estate Audit Fund shall be used exclusively by
OBRE to conduct audits of special accounts of moneys belonging to others held
by a broker.
(b) Upon receipt of a complaint or evidence by OBRE sufficient to cause OBRE
to reasonably believe that funds required to be maintained in a special account
by a broker have been misappropriated, the broker shall, within 30 days of
written notice, submit to an audit of all special accounts. Such audit shall
be performed by a licensed certified public accountant, shall result in a
written report by the accountant, and shall specifically refer to the escrow
and record‑keeping requirements of this Act and the rules adopted under this
Act. If it is found, pursuant to an order issued by the Commissioner, that
moneys required to be maintained in a special account by a broker were
misappropriated, as further defined by rule, the broker shall reimburse OBRE,
in addition to any other discipline or civil penalty imposed, for the cost of
the audit performed pursuant to this Section. OBRE may file in circuit court
for a judgment to enforce the collection of the reimbursement of the cost of
such audit. Any reimbursement collected by OBRE shall be deposited into the
Real Estate Audit Fund.
(c) Moneys in the Real Estate Audit Fund may be invested and reinvested in
the same manner as funds in the Real Estate Recovery Fund. All earnings
received from such investment shall be deposited in the Real Estate Audit Fund
and may be used for the same purpose as other moneys deposited in the Real
Estate Audit Fund. Moneys in the Real Estate Audit Fund may be transferred to the Professions Indirect Cost Fund as authorized under Section 2105‑300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.
Upon completion of any audit of OBRE, prescribed by the
Illinois State Auditing Act, which includes an audit of the Real Estate Audit
Fund, OBRE shall make the audit open to inspection by any interested person.
(Source: P.A. 94‑91, eff. 7‑1‑05.)
(225 ILCS 454/25‑40)
(Section scheduled to be repealed on January 1, 2010)
Sec. 25‑40.
Exclusive State powers and functions; municipal powers.
It is declared to be the public policy of this State, pursuant to paragraphs
(h) and (i) of Section 6 of
Article VII of the Illinois Constitution of 1970, that any power or function
set forth in this Act to be
exercised by the State is an exclusive State power or function. Such power or
function shall not be
exercised concurrently, either directly or indirectly, by any unit of local
government, including
home rule units, except as otherwise provided in this Act.
Nothing in this Section shall be construed to affect or impair the validity of
Section 11‑11.1‑1 of the
Illinois Municipal Code, as amended, or to deny to the corporate authorities of
any municipality the
powers granted in the Illinois Municipal Code to enact ordinances prescribing
fair housing
practices; defining unfair
housing practices; establishing Fair Housing or Human Relations Commissions and
standards for
the operation of these commissions in the administration and enforcement of
such
ordinances;
prohibiting discrimination based on race, color, creed, ancestry, national
origin or physical or
mental handicap in the listing, sale, assignment, exchange, transfer, lease,
rental, or financing of real
property for the purpose of the residential occupancy thereof; and prescribing
penalties for
violations of such ordinances.
(Source: P.A. 91‑245, eff. 12‑31‑99.)
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