MADIGAN,R-RAUSCHENBERGER. (BRUNSVOLD) 225 ILCS 455/18.1 from Ch. 111, par. 5818.1 Amends the Real Estate License Act of 1983 to add a caption. SENATE AMENDMENT NO. 1. Deletes reference to: 225 ILCS 455/18.1 Adds reference to: 225 ILCS 455/18 from Ch. 111, par. 5818 Replaces the title and everything after the enacting clause. Amends the Real Estate License Act of 1983. Creates an exception to the requirement that the Office of Banks and Real Estate may penalize a licensee under this Act when the licensee fails to maintain all escrow monies entrusted to the licensee in a special separate account until the transactions are consummated or terminated if the monies are disbursed prior to consummation or termination in accordance with directions contained in a written contract, signed by the principals to the transaction or their agent. Provides that the Office of Banks and Real Estate may penalize a licensee under this Act if the licensee requires a party to a transaction who is not a client of the licensee to allow the licensee to retain a portion of the escrow monies for payment of the licensee's commission or expenses as a condition for release of the escrow monies to that party. Effective immediately. FISCAL NOTE (Dept. of Financial Inst.) SB 897 would have no fiscal impact on this Dept. HOUSING AFFORDABILITY NOTE This bill will have no direct impact on the cost of construc- ting, purchasing, owning or selling a single family residence. 97-02-07 S FIRST READING 97-02-07 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-19 S ASSIGNED TO COMMITTEE LICENSED ACT. 97-03-05 S POSTPONED 97-03-12 S AMENDMENT NO. 01-LICENSED ACT. S 97-03-12 S ADOPTED 97-03-12 S DO PASS AS AMENDED 009-000-000 SLIC 97-03-12 S PLACED ON CALENDAR ORDER OF 2ND READING 97-03-13 97-03-13 S SECOND READING 97-03-13 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-14 97-03-17 S THIRD READING - PASSED 056-000-001 97-03-18 H ARRIVE IN HOUSE 97-03-18 H PLACED CALENDAR ORDER OF FIRST READING 97-04-09 H HOUSE SPONSOR BRUNSVOLD 97-04-09 H FIRST READING 97-04-09 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-04-11 H ASSIGNED TO COMMITTEE FIN INSTIT 97-05-07 H DO PASS/SHORT DEBATE 024-000-000 HFIN 97-05-07 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-05-07 H FISCAL NOTE REQUESTED DEUCHLER 97-05-07 H HOUSING AFORDABLTY IMPCT NOTE REQUESTED DEUCHLER 97-05-07 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-05-12 H FISCAL NOTE FILED 97-05-12 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-05-13 H HOUSING AFORDABLTY IMPCT NOTE REQUESTED WITHDRAWN/DEUCHLER 97-05-13 H SECOND READING-SHORT DEBATE 97-05-13 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-05-14 H HOUSING AFORDABILITY IMPCT NOTE FILED 97-05-14 H THIRD READING/SHORT DEBATE/PASSED 117-000-000 97-05-14 S PASSED BOTH HOUSES 97-06-12 S SENT TO THE GOVERNOR 97-08-08 S GOVERNOR APPROVED 97-08-08 S EFFECTIVE DATE 97-08-08 97-08-08 S PUBLIC ACT.............................. 90-0352 END OF INQUIRY Full Text Bill Summary