98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5396

 

Introduced , by Rep. Keith Farnham

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Disclosure of Commissions for Commercial Leases Act. Provides that except for leases of less than one year or leases in which the total rent due per lease year is less than $10,000, a lessor of commercial property, prior to entering into a lease with a tenant, must disclose to the tenant, in writing, any and all commissions and fees being paid in connection with the lease transaction. Provides that a lessor who fails to provide the written disclosure is liable to the tenant in an amount equal to 3 times the amount of any non-disclosed commission or fee.


LRB098 17834 HEP 52958 b

 

 

A BILL FOR

 

HB5396LRB098 17834 HEP 52958 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Disclosure of Commissions for Commercial Leases Act.
 
6    Section 5. Disclosure required. Except for leases of less
7than one year or leases in which the total rent due per lease
8year is less than $10,000, a lessor of commercial property,
9prior to entering into a lease with a tenant, must disclose to
10the tenant, in writing, any and all commissions and fees being
11paid in connection with the lease transaction.
 
12    Section 10. Penalty. A lessor who fails to provide the
13written disclosure required by Section 5 of this Act is liable
14to the tenant in an amount equal to 3 times the amount of any
15non-disclosed commission or fee.