Section 225 ILCS 454/5-15 - [Section Scheduled to be Repealed 1/1/2030] Necessity of managing broker, broker, or residential leasing agent license; ownership restrictions(a) It is unlawful for any person, as defined in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.(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.Amended by P.A. 101-0357,§ 10, eff. 8/9/2019.Amended by P.A. 100-0831,§ 15, eff. 1/1/2019.Amended by P.A. 099-0227,§ 955, eff. 8/3/2015.Amended by P.A. 096-0856,§ 20, eff. 12/31/2009. P.A. 91-245, eff. 12-31-99.