100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1578

 

Introduced 1/31/2017, by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
770 ILCS 15/5  from Ch. 82, par. 655

    Amends the Commercial Real Estate Broker Lien Act. Makes a technical change in a Section concerning definitions.


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A BILL FOR

 

HB1578LRB100 03415 HEP 13420 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Commercial Real Estate Broker Lien Act is
5amended by changing Section 5 as follows:
 
6    (770 ILCS 15/5)  (from Ch. 82, par. 655)
7    Sec. 5. Definitions. As used in this Act:
8    "Commercial real estate" means any real estate located in
9Illinois other than (i) real estate containing one to 6
10residential units, (ii) real estate on which no buildings or
11structures are located, or (iii) real estate classified as
12farmland for assessment purposes under the the Property Tax
13Code. Commercial real estate shall not include single family
14residential units such as condominiums, townhouses, or homes in
15a subdivision when sold, leased, or otherwise conveyed on a
16unit by unit basis even though these units may be part of a
17larger building or parcel of real estate containing more than 6
18residential units.
19    "Real estate", "broker", and "employee" are defined as in
20the Real Estate License Act of 2000.
21    "Interest in commercial real estate" shall include,
22without limitation, any interest in a land trust as defined in
23Section 15-1205 of the Code of Civil Procedure.

 

 

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1(Source: P.A. 91-245, eff. 12-31-99.)