IL SB3393

Removes sponsor card requirements and replaces them with a sponsorship notification system where sponsoring brokers must notify the Department of Financial and Professional Regulation within 24 hours of sponsoring a licensee.

Requires both licensees and sponsoring brokers to notify the Department within 24 hours when employment/sponsorship is terminated, with failure to notify subject to discipline.

Changes sponsorship recognition from temporary permit-based (sponsor cards) to Department recognition of valid sponsorships, eliminating the 45-day validity period for sponsor cards.

Modifies definitions and procedures related to licensee sponsorship throughout the Real Estate License Act of 2000, including updates to requirements for leasing agents, brokers, and managing brokers.

Takes effect immediately upon becoming law.