Bill Status of HB 1361   95th General Assembly

Short Description:  REAL ESTATE LIC-ESCROW MONEYS

House Sponsors
Rep. LaShawn K. Ford-Kenneth Dunkin

Senate Sponsors
(Sen. Rickey R. Hendon-Mattie Hunter)


Last Action  View All Actions

DateChamber Action
  8/18/2008HousePublic Act . . . . . . . . . 95-0851

Statutes Amended In Order of Appearance
225 ILCS 454/20-20

Synopsis As Introduced
Amends the Real Estate License Act of 2000. Provides for the transfer by a licensee under the Act to the Office of the State Treasurer of escrow moneys, prior to the consummation or termination of a transaction, at the end of a 6-month time period when, in the absence of the filing of any claim in a court of competent jurisdiction, the principals to the transaction have remained in a continuous and uninterrupted dispute during that 6-month period.

House Amendment No. 1
Deletes everything after the enacting clause. Reinserts the provisions of the bill as introduced with the following changes. Provides that, prior to the consummation or termination of a transaction, escrow moneys shall be deemed abandoned and transferred to the Office of the State Treasurer to be handled as unclaimed property pursuant to the Uniform Disposition of Unclaimed Property Act only: (i) in the absence of disbursement under certain conditions; (ii) in the absence of notice of the filing of any claim in a court of competent jurisdiction; and (iii) if 6 months have elapsed after the receipt of a written demand for the escrow moneys from one of the principals to the transaction or the principal's duly authorized agent (instead of providing for the transfer of escrow moneys by a licensee to the Office of the State Treasurer at the end of a 6-month time period when, in the absence of the filing of any claim in a court of competent jurisdiction, the principals to the transaction have remained in a continuous and uninterrupted dispute during that 6-month period).

Actions 
DateChamber Action
  2/20/2007HouseFiled with the Clerk by Rep. LaShawn K. Ford
  2/21/2007HouseFirst Reading
  2/21/2007HouseReferred to Rules Committee
  2/27/2007HouseAssigned to Judiciary I - Civil Law Committee
  3/14/2007HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 014-000-000
  3/14/2007HousePlaced on Calendar 2nd Reading - Short Debate
  3/28/2007HouseSecond Reading - Short Debate
  3/28/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/17/2007HouseRecalled to Second Reading - Short Debate
  4/17/2007HouseHeld on Calendar Order of Second Reading - Short Debate
  4/17/2007HouseHouse Amendment No. 1 Filed with Clerk by Rep. LaShawn K. Ford
  4/17/2007HouseHouse Amendment No. 1 Referred to Rules Committee
  4/23/2007HouseHouse Amendment No. 1 Recommends Be Adopted Rules Committee; 003-000-000
  4/24/2007HouseHouse Amendment No. 1 Adopted by Voice Vote
  4/24/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/25/2007HouseThird Reading - Short Debate - Passed 116-000-000
  4/25/2007HouseAdded Chief Co-Sponsor Rep. Kenneth Dunkin
  4/26/2007SenateArrive in Senate
  4/26/2007SenatePlaced on Calendar Order of First Reading May 1, 2007
  5/16/2007SenateChief Senate Sponsor Sen. Rickey R. Hendon
  5/17/2007SenateFirst Reading
  5/17/2007SenateReferred to Rules
  4/17/2008SenateAssigned to Financial Institutions
  5/1/2008SenateDo Pass Financial Institutions; 005-000-000
  5/1/2008SenatePlaced on Calendar Order of 2nd Reading May 7, 2008
  5/20/2008SenateSecond Reading
  5/20/2008SenatePlaced on Calendar Order of 3rd Reading May 21, 2008
  5/23/2008SenateAdded as Alternate Chief Co-Sponsor Sen. Mattie Hunter
  5/23/2008SenateThird Reading - Passed; 055-000-000
  5/23/2008HousePassed Both Houses
  6/20/2008HouseSent to the Governor
  8/18/2008HouseGovernor Approved
  8/18/2008HouseEffective Date January 1, 2009
  8/18/2008HousePublic Act . . . . . . . . . 95-0851

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