HB5485 104TH GENERAL ASSEMBLY

LRB104 18235 HLH 31674 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5485

Introduced 2/13/2026, by Rep. Justin Cochran

SYNOPSIS AS INTRODUCED:

New Act

Amends the Fair Access to Housing Act. Provides that, on and after January 1, 2027, it shall be unlawful for a covered entity to purchase, acquire, or offer to purchase or acquire any interest in a single-family residence unless the single-family residence has been listed for sale to the general public for at least 75 days. Defines "covered entity".

A BILL FOR

AN ACT concerning property.

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

Section 1. Short title. This Act may be cited as the Fair Access to Housing Act.

Section 5. Definitions. As used in this Act:

"Covered entity" means an institutional real estate investor or an entity that receives funding from an institutional real estate investor for the purchase of a single-family residence. A loan provided in exchange for a mortgage of the residence that is being purchased shall not be considered funding for the purposes of this Act, provided that the mortgage must be of a type for which members of the general public can apply.

"Covered entity" shall not include:

(1) an organization described in Section 501(c)(3) of the Internal Revenue Code and exempt from tax under section 501(a) of the Internal Revenue Code;

(2) a land bank;

(3) a community land trust; or

(4) a creditor or its loan servicer acquiring ownership of real property in full or partial satisfaction of a secured debt.

"Single-family residence" means a residential property consisting of one dwelling unit. "Single-family residence" shall not include:

(1) any single-family residence that is to be used as the principal residence of any person who has an ownership interest in the covered entity that seeks to purchase the single-family residence; or

(2) any single-family residence constructed, acquired, or operated with federal, State, or local appropriated funding sources.

Section 10. Seventy five day waiting period.

(a) Notwithstanding any other provision of law, on and after January 1, 2027, it shall be unlawful for a covered entity to purchase, acquire, or offer to purchase or acquire any interest in a single-family residence unless the single-family residence has been listed for sale to the general public for at least 75 days.

(b) An entity is considered owning a single-family residence if it directly owns the single-family residence or indirectly owns 10% or more of the single-family residence.

(c) The 75-day waiting period set forth in this Act shall restart if the seller changes the asking price for the residence, and a covered entity is prohibited from purchasing, acquiring, or offering to purchase or acquire any interest in the single-family residence until it has been listed for sale to the general public at the new asking price for at least an additional 75 days.

A covered entity that violates this Act may be subject to civil damages and penalties in an amount not to exceed $250,000. The Attorney General may file an action in the circuit court of the county in which the property is located on behalf of the People of Illinois to enforce the provisions of this Section.