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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1578 Introduced 1/31/2017, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 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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| | HB1578 | | LRB100 03415 HEP 13420 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Commercial Real Estate Broker Lien Act is |
| 5 | | amended by changing Section 5 as follows:
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| 6 | | (770 ILCS 15/5) (from Ch. 82, par. 655)
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| 7 | | Sec. 5. Definitions. As used in this Act:
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| 8 | | "Commercial real estate" means any real estate located in |
| 9 | | Illinois other
than (i) real estate containing one to 6 |
| 10 | | residential units, (ii) real estate on
which no buildings or |
| 11 | | structures are located, or (iii) real estate classified
as |
| 12 | | farmland for assessment purposes under the
the Property Tax |
| 13 | | Code. Commercial
real estate shall not include single family
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| 14 | | residential units such as condominiums, townhouses, or homes in |
| 15 | | a subdivision
when sold, leased, or otherwise conveyed on a |
| 16 | | unit by unit basis even though
these units may be part of a |
| 17 | | larger building or parcel of real estate
containing more than 6 |
| 18 | | residential units. |
| 19 | | "Real estate", "broker", and "employee" are defined as in |
| 20 | | the Real Estate
License Act of 2000.
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| 21 | | "Interest in commercial real estate" shall include, |
| 22 | | without limitation, any
interest in a land trust as defined in |
| 23 | | Section 15-1205 of the Code of Civil
Procedure.
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