IMPORTANT UPDATE: The deadline for Illinois Real Estate Brokers to renew their licenses on time is only days away, on April 30. Although the vast majority of licensees will renew on-time, many will not. So what happens if you miss the deadline?
There are a few things to think about, including license renewal fees, required education and other compliance considerations.
State License Renewal Fees:
Licensees who miss the renewal deadline will have to pay a $50 late-renewal fee to IDFPR (in addition to the standard $150 renewal fee). Although you might expect the late fee to escalate over time, it does not. The same fee will be due as long as you complete the renewal anytime during the next license renewal period. However, you only have 30 days to renew online with a credit card payment. After that, you will be required to print and mail the renewal form with a check or money order.
If you remain in a non-renewed status beyond a full renewal period, you will be responsible for paying any additional missed renewal fees if/when you eventually renew your license. In other words, the IDFPR will require you to “catch up” on all missed fees from the period of time when your license was in a non-renewed status.
This graphic illustrates how the fees escalate over time:
Continuing Education or Post-License Education:
Brokers who renew on time must complete either 12 credit hours of CE or 30 hours of post-license education before renewing their license. (If you’re not sure which one you need, read our prior article.) The education requirements remain the same for those who complete a late renewal. So, if you miss the renewal and plan to renew sometime in May, be sure to complete your education requirement before applying for your new license. Failure to do so will result in additional fines/penalties.
Assuming that you complete your education requirement in May 2016 and then apply for your (late) license renewal, take note that the education you completed is retroactively applied to the prior renewal period and may not also be applied to your next license renewal (due by April 30, 2018.)
Individuals who wait more than two years to renew will fall into the “reinstatement” category. At that point, you may be subject to different and/or additional education requirements, as mandated by the IDFPR.
Late license renewal is no big deal if you are not currently engaged in business that requires you to hold a real estate license. If you just cringed, here’s what you should know:
- If your license expires and you have active transactions, you may not continue to participate in those transactions. Acting without a license can result in a fine of up to $25,000! You should immediately notify your sponsoring broker that your license has expired, so that they may take appropriate steps to address the situation.
- If you are also a REALTOR®, the change in your license status(es) will likely impact your membership(s), including access to the MLS. Contact your local REALTOR® association for more details.
After the April 30 deadline, finding the right education program can be tricky. Real Estate Institute will continue offering our popular 12-hour core/elective CE program and the 30-hour Broker post-license education program that’s required for new licensees.
Call 800-995-1700 if you have any questions about the education required for late renewal.