Illinois General Assembly - Bill Status for HB5662
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 Bill Status of HB5662  102nd General Assembly


House Sponsors
Rep. Thaddeus Jones

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 2105/2105-305 new

Synopsis As Introduced
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.

DateChamber Action
  2/14/2020HouseFiled with the Clerk by Rep. Thaddeus Jones
  2/18/2020HouseFirst Reading
  2/18/2020HouseReferred to Rules Committee
  1/13/2021HouseSession Sine Die

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