Illinois House Bill 5662 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 14 2020 - 25% progression, died in committee
Action: 2020-02-18 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

IDFPR-RECORDING ACCOUNT

Rep. Thaddeus Jones [D]

Date	Chamber	Action
2020-02-18	House	Referred to Rules Committee
2020-02-18	House	First Reading
2020-02-14	House	Filed with the Clerk by Rep. Thaddeus Jones

Chapter	Article	Section	Citation Type	Statute Text
20	2105	2105-305	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5662&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB5662.htm