101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5662

 

Introduced , by Rep. Thaddeus Jones

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 2105/2105-305 new

    Amends the Department of Professional Regulation Law of the Civil Administrative Code of Illinois. Requires the Department of Financial and Professional Regulation to create a recording account into which all earnest money payments made pursuant to real estate transactions in this State shall be deposited. Provides that the Department shall retain 3% of each deposit, which shall be paid to a brokerage firm determined by the Department to administer the recording account. Once a transaction for which the earnest money has been paid is completed, provides that the remainder of the buyer's moneys shall be returned to the buyer. Effective immediately.


LRB101 18497 SPS 67948 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5662LRB101 18497 SPS 67948 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Department of Professional Regulation Law of
5the Civil Administrative Code of Illinois is amended by adding
6Section 2105-305 as follows:
 
7    (20 ILCS 2105/2105-305 new)
8    Sec. 2105-305. Real estate recording account. The
9Department shall create a recording account into which all
10earnest money payments made pursuant to real estate
11transactions in this State shall be deposited. The Department
12shall retain 3% of each deposit, which shall be paid to a
13brokerage firm determined by the Department to administer the
14recording account. Once a transaction for which the earnest
15money has been paid is completed, the remainder of the buyer's
16moneys shall be returned to the buyer.
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.