Bill Status of HB 5502   103rd General Assembly

Short Description:  REAL ESTATE-FLIPPING

House Sponsors
Rep. Daniel Didech

Senate Sponsors
(Sen. Ram Villivalam)


Last Action  View All Actions

DateChamber Action
  7/19/2024HousePublic Act . . . . . . . . . 103-0719

Statutes Amended In Order of Appearance
765 ILCS 5/5.40 new

Synopsis As Introduced
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.

House Committee Amendment No. 1
Deletes reference to:
765 ILCS 5/5.40 new
Adds reference to:
765 ILCS 605/22.2

Replaces everything after the enacting clause with the following. Amends the Condominium Property Act. Provides that in a sale of a condominium unit by a unit owner, no condominium association may exercise any right of refusal, option to purchase, or right to disapprove the sale: (i) on the basis that the purchaser's financing is guaranteed by the Federal Housing Administration; or (ii) for a discriminatory or otherwise unlawful purpose. Provides that any person aggrieved by a violation of the provisions regarding resale approval has a cause of action against the offending condominium association that may be commenced in circuit court.

Actions 
DateChamber Action
  2/9/2024HouseFiled with the Clerk by Rep. Kevin John Olickal
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  2/9/2024HouseChief Sponsor Changed to Rep. Daniel Didech
  3/12/2024HouseAssigned to Judiciary - Civil Committee
  3/18/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Daniel Didech
  3/18/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/20/2024HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
  4/3/2024HouseHouse Committee Amendment No. 1 Adopted in Judiciary - Civil Committee; by Voice Vote
  4/3/2024HouseDo Pass / Short Debate Judiciary - Civil Committee; 014-000-000
  4/4/2024HousePlaced on Calendar 2nd Reading - Short Debate
  4/11/2024HouseSecond Reading - Short Debate
  4/11/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/17/2024HouseThird Reading - Short Debate - Passed 112-000-000
  4/18/2024SenateArrive in Senate
  4/18/2024SenatePlaced on Calendar Order of First Reading
  4/18/2024SenateChief Senate Sponsor Sen. Ram Villivalam
  4/18/2024SenateFirst Reading
  4/18/2024SenateReferred to Assignments
  4/24/2024SenateAssigned to Judiciary
  5/1/2024SenateDo Pass Judiciary; 009-000-000
  5/1/2024SenatePlaced on Calendar Order of 2nd Reading May 2, 2024
  5/2/2024SenateSecond Reading
  5/2/2024SenatePlaced on Calendar Order of 3rd Reading May 7, 2024
  5/16/2024SenateThird Reading - Passed; 059-000-000
  5/16/2024HousePassed Both Houses
  6/13/2024HouseSent to the Governor
  7/19/2024HouseGovernor Approved
  7/19/2024HouseEffective Date January 1, 2025
  7/19/2024HousePublic Act . . . . . . . . . 103-0719

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