HB5502 103RD GENERAL ASSEMBLY

LRB103 37448 JRC 67570 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5502

Introduced 2/9/2024, by Rep. Kevin John Olickal

SYNOPSIS AS INTRODUCED:

765 ILCS 5/5.40 new

Amends the Conveyances Act. Provides that a person or entity that purchases existing residential real estate with the purpose of renovation and resale is prohibited from reselling the real estate within 6 months of purchase.

A BILL FOR

AN ACT concerning civil law.

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

Section 5. The Conveyances Act is amended by adding Section 5.40 as follows:

(765 ILCS 5/5.40 new)

Sec. 5.40. A person or entity that purchases existing residential real estate with the purpose of renovation and resale is prohibited from reselling the real estate within 6 months of purchase.