92nd General Assembly
Summary of HB2566
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Senate Sponsors:

Short description: 
REAL ESTATE-AUDIT FUND                                                     

Synopsis of Bill as introduced:
        Amends the Real Estate License Act of 2000 and the State  Finance      
   Act.    Creates the Real Estate Audit Fund.  Provides for the audit of      
   special accounts of moneys belonging to others held by  a  broker  and      
   for  an audit of the Real Estate Audit Fund upon the completion of any      
   audit of the Office of Banks and Real Estate. Provides that  money  in      
   the Real Estate Audit Fund may be invested in the same manner as funds      
   in the Real Estate Recovery Fund.  Effective immediately.                   
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          225 ILCS 454/1-10                                                    
          225 ILCS 454/5-20                                                    
          225 ILCS 454/10-10                                                   
          225 ILCS 454/20-60                                                   
          225 ILCS 454/25-14 new                                               
          225 ILCS 454/20-70 rep.                                              
        Changes the definition of "broker".  Exempts hotel operators from      
   the  broker,  salesperson,  or  leasing  agent  license   requirement.      
   Repeals  a  Section concerning the restoration of a license.  Provides      
   that the Office of Banks and Real Estate  may  restore  a  temporarily      
   suspended license upon written recommendation of the Board.                 
Last action on Bill: PUBLIC ACT.............................. 92-0217

   Last action date: AUG-02-2001

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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