HB 2705

Abstract

Amends the Real Estate License Act of 2000. Makes a technical change in a Section concerning the short title. House Committee Amendment No. 1 Deletes reference to: 225 ILCS 454/1-1 Adds reference to: 5 ILCS 80/4.30 5 ILCS 80/4.40 new 225 ILCS 454/1-10 225 ILCS 454/5-3 new 225 ILCS 454/5-5 225 ILCS 454/5-7 225 ILCS 454/5-10 225 ILCS 454/5-15 225 ILCS 454/5-20 225 ILCS 454/5-27 225 ILCS 454/5-27.5 new 225 ILCS 454/5-28 225 ILCS 454/5-32 225 ILCS 454/5-35 225 ILCS 454/5-40 225 ILCS 454/5-41 225 ILCS 454/5-45 225 ILCS 454/5-50 225 ILCS 454/5-60 225 ILCS 454/5-70 225 ILCS 454/5-80 225 ILCS 454/10-5 225 ILCS 454/10-15 225 ILCS 454/10-20 225 ILCS 454/10-30 225 ILCS 454/10-45 225 ILCS 454/10-50 new 225 ILCS 454/10-55 new 225 ILCS 454/10-60 new 225 ILCS 454/15-5 225 ILCS 454/15-10 225 ILCS 454/15-25 225 ILCS 454/15-45 225 ILCS 454/15-50 225 ILCS 454/15-65 225 ILCS 454/15-75 225 ILCS 454/20-10 225 ILCS 454/20-20 225 ILCS 454/20-21 225 ILCS 454/20-23 225 ILCS 454/20-25 225 ILCS 454/20-60 225 ILCS 454/20-64 225 ILCS 454/20-65 225 ILCS 454/20-66 225 ILCS 454/20-67 225 ILCS 454/20-68 225 ILCS 454/20-72 225 ILCS 454/20-85 225 ILCS 454/20-90 225 ILCS 454/25-10 225 ILCS 454/25-13 225 ILCS 454/25-14.5 new 225 ILCS 454/25-15 225 ILCS 454/25-25 225 ILCS 454/25-35 225 ILCS 454/30-5 225 ILCS 454/30-15 225 ILCS 454/30-25 225 ILCS 454/10-35 rep. 225 ILCS 454/20-22 rep. 225 ILCS 454/25-37 rep. Replaces everything after the enacting clause. Amends the Regulatory Sunset Act. Extends the repeal date of the Real Estate License Act of 2000 from January 1, 2020 to January 1, 2030. Amends the Real Estate License Act of 2000. Creates a broker associate license and requires a person to be licensed as a broker associate for at least 2 years to be eligible for a broker license. Changes references to "managing broker" to "managing broker licensee". Creates a named managing broker to mean a managing broker licensee who has supervisory responsibilities for licensees in his or her office and who has been appointed by the sponsoring broker. Requires the Department of Financial and Professional Regulation to create an online license information portal. Allows the Department to create a commission to study the creation and use of a mandatory, statewide real estate purchase contract form. Provides duties and responsibilities to the Director of Real Estate. Makes changes to provisions concerning applications and requirements for licensure as a leasing agent, broker, and managing broker licensee; the necessity of a license and owner restrictions; exemptions from licensure; examinations; sponsorship; change of address; offices; expiration and renewal of licenses; licensure in another state; continuing education; payment of compensation; employment agreements; advertising; licensees' relationships with consumers and customers; dual agency; unlicensed practice; grounds for discipline; investigations notice and hearing; surrender of license; recovery and collection from the Real Estate Recovery Fund; the Real Estate Coordinator; the Real Estate Research and Education Fund; and licensing of education providers and instructors. Repeals provisions concerning the Real Estate Audit Fund. Makes other changes. Effective immediately.