@Devin Howard
that's basically true. here's some more info. it was a hot topic at the local REIA's this month. This is from the CCIA. You should definitely consult with your attorney about it. The fine is substantial.
THE LAW:
ILGA.gov SB-1872 Read the new Law... pay attention to:
Page 3: "Section 1-10 (5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on real estate or improvements thereon. For purposes of this definition, an individual or entity will be found to have engaged in a pattern of business if the individual or entity by itself or with any combination of other individuals or entities, whether as partners or common owners in another entity, has engaged in one or more of these practices on 2 or more occasions in any 12-month period."
THE PENALTY:
"Page 87 - Sec. 20-10. Unlicensed practice; civil penalty."
a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a managing broker, broker, or residential leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil penalty to the Department in an amount not to exceed $25,000 for each offense as determined by the Department