Bill Status of HB 5551   103rd General Assembly

Short Description:  REAL ESTATE LICENSING-VARIOUS

House Sponsors
Rep. Jenn Ladisch Douglass-Terra Costa Howard-Diane Blair-Sherlock, Dagmara Avelar and Jawaharial Williams

Last Action  View All Actions

DateChamber Action
  4/19/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
30 ILCS 105/5.1015 new
225 ILCS 454/1-10
225 ILCS 454/5-20
225 ILCS 454/5-25
225 ILCS 454/5-28
225 ILCS 454/5-35
225 ILCS 454/5-45
225 ILCS 454/5-60
225 ILCS 454/5-60.1 new
225 ILCS 454/5-60.5 new
225 ILCS 454/5-70
225 ILCS 454/10-10
225 ILCS 454/10-20
225 ILCS 454/15-35
225 ILCS 454/15-50
225 ILCS 454/20-20
225 ILCS 454/20-20.1
225 ILCS 454/20-50
225 ILCS 454/20-82
225 ILCS 454/25-25
225 ILCS 454/25-30
225 ILCS 454/25-35
225 ILCS 454/30-5
225 ILCS 454/30-15
225 ILCS 454/30-25

Synopsis As Introduced
Amends the Real Estate License Act of 2000. Provides that for licensure as a managing broker, the person must personally take and pass a written examination on Illinois specific real estate brokerage laws authorized by the Department of Financial and Professional Regulation. Provides that approved pre-license education for licensure as a managing broker, broker, or residential leasing agent shall be valid for 2 years after the date of satisfactory completion of all required pre-license education. Provides that a nonresident broker who meets certain requirements may also operate a virtual office in the State. On January 1, 2026, repeals a provision concerning reciprocity for managing brokers and brokers licensed in another state. Provides that on and after January 1, 2026, applications for licensure based upon reciprocal agreements shall not be accepted. Provides that licenses granted under reciprocal agreements prior to January 1, 2026 shall remain in force and may be renewed in the same manner as provided for a broker or managing broker license under the Act. Requires fair housing training as part of the continuing education requirements. Sets forth provisions concerning licensure of managing brokers and brokers licensed under the laws of another state or jurisdiction of the United States and authorizing virtual offices. Makes changes in provisions concerning definitions; exemptions from licensure; continuing education; disclosure of compensation; employment agreements; agency relationship disclosure; grounds for discipline; citations; illegal discrimination; fines and penalties; a scholarship program; funds; and licensing of education provider instructors. Makes a conforming change in the State Finance Act. Effective January 1, 2025, except that certain provisions are effective immediately.

Actions 
DateChamber Action
  2/9/2024HouseFiled with the Clerk by Rep. Jenn Ladisch Douglass
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  3/12/2024HouseAssigned to Labor & Commerce Committee
  3/21/2024HouseDo Pass / Short Debate Labor & Commerce Committee; 024-000-000
  3/22/2024HousePlaced on Calendar 2nd Reading - Short Debate
  3/22/2024HouseAdded Co-Sponsor Rep. Dagmara Avelar
  3/22/2024HouseAdded Co-Sponsor Rep. Jawaharial Williams
  4/11/2024HouseAdded Chief Co-Sponsor Rep. Terra Costa Howard
  4/11/2024HouseAdded Chief Co-Sponsor Rep. Diane Blair-Sherlock
  4/17/2024HouseSecond Reading - Short Debate
  4/17/2024HouseHeld on Calendar Order of Second Reading - Short Debate
  4/19/2024HouseRule 19(a) / Re-referred to Rules Committee

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