§ 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
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