Section 225 ILCS 454/5-40 - [Section Scheduled to be Repealed 1/1/2030] Sponsorship; establishing and terminating sponsorship(a) The sponsoring broker shall notify the Department, in a manner prescribed by the Department, of each licensee employed by or associated with the sponsoring broker within 24 hours after establishing a sponsorship .(b) When a licensee terminates his or her employment or association with a sponsoring broker or the employment is terminated by the sponsoring broker, the person or entity initiating the termination shall notify the Department, in a manner prescribed by the Department, of the termination within 24 hours . Failure to timely notify the Department of the termination shall subject the person or entity initiating the termination to discipline under Section 20-20 of this Act. The license of any licensee whose association with a sponsoring broker is terminated shall automatically become inactive immediately upon the termination, and the licensee shall not be authorized to practice until a new valid sponsorship is registered with the Department . Amended by P.A. 101-0357,§ 10, eff. 8/9/2019.Amended by P.A. 096-0856,§ 20, eff. 12/31/2009. P.A. 91-245, eff. 12-31-99.