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Bad News for Illinois RE Investors
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:
- WATCH FOR UPDATES - As information becomes available, CCIA will be issuing alerts
- Don't panic
- Read the Law - The entire Law... there are other far reaching consequences in this law that will affect ALL real estate investors
- Talk to your Attorney
- Talk to your Legislators
- Express your concern/disgust to the realtors you work with and ask them to talk to the IAR
THE LAW:
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...
THE PENALTY:
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…
THE VIOLATION:
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.
CCIA Actively Promotes The Legislative Interests of Real Estate Investors & Landlords
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.
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