Senate Sponsors: MADIGAN,R-RAUSCHENBERGER. House Sponsors: BRUNSVOLD Short description: REAL ESTATE LIC-ESCROW MONIES Synopsis of Bill as introduced: 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. Last action on Bill: PUBLIC ACT.............................. 90-0352 Last action date: 97-08-08 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status