HB4181 103RD GENERAL ASSEMBLY

LRB103 34835 JDS 64692 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4181

Introduced 10/25/2023, by Rep. Marcus C. Evans, Jr.

SYNOPSIS AS INTRODUCED:

20 ILCS 4123/5-15

Amends the Money Laundering in Real Estate Task Force Act. Provides that the Money Laundering Task Force's initial report will be due 24 months (rather than 12 months) after the initial Task Force meeting. Effective immediately.

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Money Laundering in Real Estate Task Force Act is amended by changing Section 5-15 as follows:

(20 ILCS 4123/5-15)

(Section scheduled to be repealed on January 1, 2026)

Sec. 5-15. Reports. The Task Force shall submit a report to the Governor and the General Assembly not later than 24 12 months after the effective date of this Act. The report shall include the Task Force's findings and shall summarize the actions the Task Force has taken and those it intends to take in response to its obligations under the Act. After it submits its initial report, the Task Force shall periodically submit reports to the Governor and the General Assembly as the chairperson of the Task Force deems necessary to apprise those officials of any additional findings made or actions taken by the Task Force. The obligation of the Task Force to submit periodic reports shall continue for the duration of the Task Force.

(Source: P.A. 102-1108, eff. 12-21-22.)

Section 99. Effective date. This Act takes effect upon becoming law.