093_HB2075eng

 
HB2075 Engrossed                     LRB093 02510 LCB 02520 b

 1        AN ACT concerning liens.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Commercial Real Estate Broker Lien Act is
 5    amended 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
 9    Illinois  other  than  (i)  real  estate  containing one to 6
10    residential units, (ii) real estate on which no buildings  or
11    structures  are  located,  or (iii) real estate classified as
12    farmland for assessment purposes under the Property Tax Code.
13    Commercial real estate does shall not include  single  family
14    residential  units such as condominiums, townhouses, or homes
15    in a subdivision when sold, leased, or otherwise conveyed  on
16    a unit by unit basis even though these units may be part of a
17    larger building or parcel of real estate containing more than
18    6 residential units.
19        "Real estate", "broker", and "employee" are defined as in
20    the Real Estate License Act of 2000.
21        "Interest  in  commercial  real  estate"  shall  include,
22    without  limitation,  any interest in a land trust as defined
23    in Section 15-1205 of the Code of Civil Procedure.
24    (Source: P.A. 91-245, eff. 12-31-99.)