Illinois Legislative Bills

3 legislative bills tracked for real estate wholesalers & investors

Medium Risk

Last synced: 3h ago

HB4964Introduced Medium Risk

REAL ESTATE LICENSEE-DUTIES

Summary

This bill amends the Real Estate License Act of 2000 to impose additional duties on real estate licensees representing sellers of residential properties
It requires them to share property information with buyer's agents, respond to inquiries, show the property, and advertise it publicly unless the seller opts out

What This Means for Wholesalers

The bill does not directly regulate wholesalers, as they typically do not hold a real estate license
However, if wholesalers are involved in transactions where licensed agents are required to comply with these new duties, it may complicate their ability to assign contracts without proper disclosures or marketing restrictions

other

HB3452Introduced Medium Risk

Summary

This bill amends the Real Estate License Act of 2000 to require real estate licensees to publicly advertise or market properties they are authorized to sell or lease within one day of starting a brokerage agreement, unless the seller or landlord opts out
It also mandates that sellers or landlords must sign a disclosure form to withhold their property from such advertising

What This Means for Wholesalers

For wholesalers, this bill may complicate their ability to operate without a license, as it emphasizes the need for public marketing of properties
If wholesalers are acting as licensees, they may need to ensure compliance with these advertising requirements or risk legal repercussions

marketing restricted

SB1872Enacted — In ForceIn force since Aug 9, 2019 Medium Risk

Summary

This bill extends the repeal date of the Real Estate Brokerage Act to January 1, 2030, and makes various amendments to the Real Estate License Act of 2000, including changes to licensing requirements and definitions
It also alters provisions related to judicial review venue and repeals certain outdated provisions

What This Means for Wholesalers

The bill does not introduce new licensing requirements specifically for wholesalers, but it maintains the existing framework that could affect their operations
Wholesalers may still operate without a real estate license, but they should remain aware of any changes in definitions and exemptions that could impact their business practices

other