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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status