Section 1450.115  Termination of Sponsorship

a)         Upon termination of sponsorship by a sponsoring broker, the sponsoring broker shall immediately notify the terminated licensee, and within 24 hours after the termination shall notify the Division, in a format provided by the Division.

b)         When a licensee initiates termination with the sponsoring broker, the licensee shall, within 24 hours of termination, notify the Division, in a format provided by the Division, and shall immediately notify the sponsoring broker.

c)         Once the sponsorship has been terminated, the license is automatically changed to inactive status and the licensee is prohibited from engaging in licensed activities until the licensee has established a valid sponsorship with a new sponsoring broker.

(Source:  Amended at 45 Ill. Reg. 2851, effective February 23, 2021)