(Section scheduled to be repealed on January 1, 2030)

231 words·~1 min read·/il/chapter-225/act-454/1-12

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 10-5. Payment of compensation.

(a)No licensee shall pay compensation directly to a licensee sponsored by another sponsoring broker for the performance of licensed activities. No licensee sponsored by a broker may pay compensation to any licensee other than his or her sponsoring broker for the performance of licensed activities unless the licensee paying the compensation is a principal to the transaction. However, a non-sponsoring broker may pay compensation directly to a licensee sponsored by another or a person who is not sponsored by a broker if the payments are made pursuant to terms of an employment agreement that was previously in place between a licensee and the non-sponsoring broker, and the payments are for licensed activity performed by that person while previously sponsored by the now non-sponsoring broker.

(b)No licensee sponsored by a broker shall accept compensation for the performance of activities under this Act except from the broker by whom the licensee is sponsored, except as provided in this Section.

(c)(Blank).

(d)One sponsoring broker may pay compensation directly to another sponsoring broker for the performance of licensed activities.

(e)Notwithstanding any other provision of this Act, a sponsoring broker may pay compensation to a person currently licensed under the Auction License Act who is in compliance with and providing services under Section 5-32 of this Act.