Several New Laws take effect January 1, 2020. Visit www.ilga.gov to read the details.
August 12th, 2019: Governor Pritzker signed into law Public Act 101-0357 (SB-1872) making a broker's license a requirement for many investors in Illinois and leveling severe penalties as outlined below!
WHAT YOU CAN DO:
ILGA.gov SB-1872 Read the new Law... pay attention to:
Page 4: "Section 1-10 (5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on real estate or improvements thereon. For purposes of this definition, an individual or entity will be found to have engaged in a pattern of business if the individual or entity by itself or with any combination of other individuals or entities, whether as partners or common owners in another entity, has engaged in one or more of these practices on 2 or more occasions in any 12-month period."
Then, scroll way way down on the full text of the Law...
Page 87 - Sec. 20-10. Unlicensed practice; civil penalty.
a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a managing broker, broker, or residential leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil penalty to the Department in an amount not to exceed $25,000 for each offense as determined by the Department…
Page 105 - Sec. 20-22. Violations.
Any person who is found working or acting as a managing broker, broker, or residential leasing agent or holding himself or herself out as a licensed sponsoring broker, managing broker, broker, or residential leasing agent without being issued a valid active existing license is guilty of a Class A misdemeanor and, on conviction of a second or subsequent offense, the violator shall be guilty of a Class 4 felony.
Laws are constantly changing in the real estate industry. We need to stay active on Real Estate Legislation to make sure that we comply with new laws, and work with legislators to make the laws fair for all sides.
CCIA promotes a strong ethical standard in the Real Estate Industry. We work to make sure that investors and landlords have a voice whenever possible, promoting fair and balanced legislation. Real Estate Investors need to join and support an association like ours. Your contribution will allow our association to fight for you to limit the impact of bad laws and promote more laws that are beneficial laws for your business.
CCIA is a Chapter of The National REIA. National's legislative council is our advocate in Washington, DC. National REIA shares information relevant at the state and local level.
CCIA is also a Founding Member of The Illinois Rental Property Owners Association - IRPOA. IRPOA's Political Action Committee is the leading advocate for landlords and investors in Springfield, and offers a platform for investors in groups around the state to work on local issues.
NON RENT-CONTROL BILLS WE'RE WORKING ON:
TAKE ACTION - WHAT SHOULD YOU DO?
Real Estate Investors, Landlords & Renovators... you must be aware of legislation regarding led. The EPA has an extensive website to guide you. Lead Safety & Outreach Materials.
CONTRACTORS: Learn about the RRP Program Requirements & where you can get trained. Details
Federal Law requires owners of pre-1978 housing to give the "Protect Your Family From Lead" booklet to prospective tenants before a lease is signed. Get your Copy Here.
The City of Chicago is committed to providing residents with the best information to protect themselves from bed bugs. Go here to find out more information about the ordinance.
The 2019 Illinois security deposit interest rates remain unchanged at .01%
Illinois is one of many states with its own fair housing law. If you're renting your units, your tenants are covered by the Fair Housing Act or FHA, a federal law that protects both existing tenants and prospective tenants from illegal housing discrimination. LANDLORDS: You must be educated on this! Read More
What do you need to know about property flipping and FHA home loan rules? The first thing to know is that flipping is addressed in the FHA loan handbook, HUD 4000.1 and there are measures in place to discourage the practice! Read More