Illinois § 5-40
Full text of Illinois Illinois Compiled Statutes § 5-40, with citation guidance and answers to common questions.
§ 5-40.
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. (Source: P.A. 101-357, eff. 8-9-19.)
Frequently Asked Questions About Illinois § 5-40
What does Illinois Compiled Statutes § 5-40 cover?
Section 5-40 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 5-40?
A common citation format is "Illinois Compiled Statutes § 5-40" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 5-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.