SB 1872

Abstract

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. Makes conforming changes. Effective immediately. House Floor Amendment No. 1 Adds reference to: 225 ILCS 454/1-5 225 ILCS 454/1-10 225 ILCS 454/5-5 225 ILCS 454/5-6 225 ILCS 454/5-7 225 ILCS 454/5-10 225 ILCS 454/5-15 225 ILCS 454/5-20 225 ILCS 454/5-25 225 ILCS 454/5-27 225 ILCS 454/5-28 225 ILCS 454/5-29 new 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 454/5-75 225 ILCS 454/10-5 225 ILCS 454/10-10 225 ILCS 454/10-15 225 ILCS 454/10-20 225 ILCS 454/10-30 225 ILCS 454/10-35 225 ILCS 454/10-50 new 225 ILCS 454/10-55 new 225 ILCS 454/15-5 225 ILCS 454/15-10 225 ILCS 454/15-15 225 ILCS 454/15-25 225 ILCS 454/15-35 225 ILCS 454/15-45 225 ILCS 454/15-50 225 ILCS 454/15-65 225 ILCS 454/15-75 225 ILCS 454/20-5 225 ILCS 454/20-10 225 ILCS 454/20-15 225 ILCS 454/20-20 225 ILCS 454/20-20.1 new 225 ILCS 454/20-21 225 ILCS 454/20-22 225 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 454/20-72 225 ILCS 454/20-75 225 ILCS 454/20-85 225 ILCS 454/20-90 225 ILCS 454/25-15 225 ILCS 454/25-21 225 ILCS 454/25-25 225 ILCS 454/30-5 225 ILCS 454/30-15 225 ILCS 454/30-25 225 ILCS 454/20-68 rep. 225 ILCS 454/25-14 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 Brokerage Act from January 1, 2020 to January 1, 2030. Amends the Real Estate License Act of 2000. Adds provisions concerning the temporary practice as a designated managing broker. Makes changes in provisions concerning legislative intent; definitions; applications for managing broker, broker, and leasing agent licenses; requirements for licensure; exemptions from licensure; consideration of prior revocations, conduct, and convictions; examinations; sponsorships; contact information; offices; expiration and renewal of licenses; continuing education requirements; payment of compensation; advertising; agency relationships; recovery from the Real Estate Recovery Fund; and licensing of education provider instructors. Changes references to "leasing agents" to "residential leasing agents" throughout the Act. Provides that, if the party applying for judicial review is not a resident of the State of Illinois, the venue shall be Cook County (rather than Sangamon County). Repeals provisions concerning the Real Estate Audit Fund; surrender of licenses upon revocation or suspension; and advisory letters. Makes other changes. Effective immediately.