HB5662 101ST GENERAL ASSEMBLY

LRB101 18497 SPS 67948 b

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Department of Professional Regulation Law of the Civil Administrative Code of Illinois is amended by adding Section 2105-305 as follows:

(20 ILCS 2105/2105-305 new)

Sec. 2105-305. Real estate recording account. The Department shall create a recording account into which all earnest money payments made pursuant to real estate transactions in this State shall be deposited. 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, the remainder of the buyer's moneys shall be returned to the buyer.

Section 99. Effective date. This Act takes effect upon becoming law.