Illinois Legislative Bills

2 legislative bills tracked for real estate wholesalers & investors

Medium Risk

Last synced: 1h 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