HB 5167

Abstract

Amends the State Finance Act. Creates the Division of Real Estate General Fund. Repeals provisions creating the Real Estate Audit Fund, the Home Inspector Administration Fund, and the Community Association Manager Licensing and Disciplinary Fund. Amends the Auction License Act. Makes changes in provisions concerning requirements for an auctioneer license and application; expiration, renewal, and continuing education; fees and disposition of funds; grounds for disciplinary actions; returned checks and dishonored credit card charges; and the Auction Advisory Board. Creates provisions concerning confidentiality; citations; illegal discrimination; and no private right of action. Amends the Community Association Manager Licensing and Disciplinary Act. Makes changes in provisions concerning definitions; the Community Association Manager Licensing and Disciplinary Board; fidelity insurance and segregation of accounts; licenses, renewals, restoration, and persons in military service; and fees. Amends the Home Inspector License Act. Makes changes in provisions concerning definitions; renewal of licenses; unlicensed practice; civil penalties; and surcharges. Creates provisions concerning illegal discrimination. Amends the Real Estate License Act of 2000. Makes changes in provisions concerning definitions; requirements for license as a residential leasing agent; good moral character; offices; expiration and renewal of licenses; continuing education requirements; agency relationship disclosure; dual agency; grounds for discipline; citations; restoration of a suspended or revoked license; administrative review venue; the Real Estate Administration and Disciplinary Board; and licensing of education providers. Amends the Real Estate Appraiser Licensing Act. Makes changes in provisions concerning definitions; renewal of licenses; and the Real Estate Appraisal Administration and Disciplinary Board. Amends the Appraisal Management Company Registration Act concerning qualifications for registration, reports, and good moral character. Amends the Professional Limited Liability Company Act concerning the nature of business. Amends the Real Estate License Act of 2000 concerning broker licensure. Repeals the Real Estate Regulation Transfer Act. Makes other changes. Effective immediately, except provisions repealing provisions of the State Finance Act take effect July 1, 2023. House Committee Amendment No. 1 Adds reference to: 225 ILCS 458/15-15 Removes language providing that the designated community association manager or the community association management firm must provide a current certificate of fidelity insurance and a current certificate of general liability and errors and omissions to all community associations to which it provides community association management services no later than 10 days following the renewal date of the insurance. Provides instead that the community association manager or the community association management firm shall provide a current certificate of fidelity insurance and a current certificate of general liability and errors and omissions to a community association for which it provides community association management services within 10 days of a request for such certificates by the community association for its records. Removes language providing that funds shall not be commingled with the supervising community association manager's or community association management firm's funds. Makes other changes. Senate Floor Amendment No. 1 Changes references from January 1, 2023 to July 1, 2023 and a reference from July 1, 2023 to October 1, 2023. Changes the effective date for Section 10 to October 1, 2023 (rather than July 1, 2023).