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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1045
Introduced 2/8/2007, by Sen. John J. Cullerton - Emil Jones, Jr. SYNOPSIS AS INTRODUCED:
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770 ILCS 15/5 |
from Ch. 82, par. 655 |
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Amends the Commercial Real Estate Broker Lien Act. Makes a technical change
in a Section concerning definitions.
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A BILL FOR
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SB1045 |
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LRB095 05942 AJO 26034 b |
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| AN ACT concerning civil law.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Commercial Real Estate Broker Lien Act is |
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| amended by changing Section 5 as follows:
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| (770 ILCS 15/5) (from Ch. 82, par. 655)
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| Sec. 5. Definitions. As used in this Act:
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| "Commercial real estate" means any real estate located in |
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| Illinois other
than (i) real estate containing one to 6 |
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| residential units, (ii) real estate on
which no buildings or |
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| structures are located, or (iii) real estate classified
as |
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| farmland for assessment purposes under the
the Property Tax |
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| Code. Commercial
real estate shall not include single family
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| residential units such as condominiums, townhouses, or homes in |
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| a subdivision
when sold, leased, or otherwise conveyed on a |
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| unit by unit basis even though
these units may be part of a |
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| larger building or parcel of real estate
containing more than 6 |
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| residential units. |
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| "Real estate", "broker", and "employee" are defined as in |
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| the Real Estate
License Act of 2000.
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| "Interest in commercial real estate" shall include, |
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| without limitation, any
interest in a land trust as defined in |
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| Section 15-1205 of the Code of Civil
Procedure.
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