[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HB2405
New Act
Creates the Real Estate Broker Residential Home Builder
Escrow Account Act. Provides that when a contract is entered
into between a licensed real estate broker who engages in the
business of building residential single-family homes and
another person to build a residential single-family home and
an escrow account is established, the minimum amount of the
account shall be $10,000. Provides that when the builder
fails to meet any contract deadline, the other person is
entitled to $100 per day for each day past the deadline until
the builder complies with the relevant contractual provision.
LRB9007741RCks
LRB9007741RCks
1 AN ACT in relation to real estate escrow accounts.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Real Estate Broker Residential Home Builder Escrow Account
6 Act.
7 Section 5. Escrow account.
8 (a) When a contract is entered into between a real
9 estate broker licensed under the Real Estate License Act of
10 1983 who engages in the business of building residential
11 single-family homes and another person to build a residential
12 single family home and an escrow account is established, the
13 minimum amount of the account shall be $10,000.
14 (b) When the builder specified in subsection (a) of this
15 Section fails to meet any contract deadline, the other person
16 is entitled to $100 per day for each day past the deadline
17 until the builder complies with the relevant contractual
18 provision.