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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5662 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
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| 20 ILCS 2105/2105-305 new | |
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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.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5662 | | LRB101 18497 SPS 67948 b |
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| 1 | | AN ACT concerning State government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Department of Professional Regulation Law of |
| 5 | | the
Civil Administrative Code of Illinois is amended by adding |
| 6 | | Section 2105-305 as follows:
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| 7 | | (20 ILCS 2105/2105-305 new) |
| 8 | | Sec. 2105-305. Real estate recording account. The |
| 9 | | Department shall create a recording account into which all |
| 10 | | earnest money payments made pursuant to real estate |
| 11 | | transactions in this State shall be deposited. The Department |
| 12 | | shall retain 3% of each deposit, which shall be paid to a |
| 13 | | brokerage firm determined by the Department to administer the |
| 14 | | recording account. Once a transaction for which the earnest |
| 15 | | money has been paid is completed, the remainder of the buyer's |
| 16 | | moneys shall be returned to the buyer.
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| 17 | | Section 99. Effective date. This Act takes effect upon |
| 18 | | becoming law.
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