Thaddeus Jones
- Democratic
- Representative
- District 29
Primary
Amends the Department of Professional Regulation Law of the Civil Administrative Code of Illinois. Requires the Department of Financial and Professional Regulation to create a recording account into which all earnest money payments made pursuant to real estate transactions in this State shall be deposited. Provides that the Department shall retain 3% of each deposit, which shall be paid to a brokerage firm determined by the Department to administer the recording account. Once a transaction for which the earnest money has been paid is completed, provides that the remainder of the buyer's moneys shall be returned to the buyer. Effective immediately.
No votes to display
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Thaddeus Jones
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