225 ILCS 456/5

(225 ILCS 456/5)

Sec. 5. Transfer of powers.

(a) On July 1, 1995, All the rights, powers, and duties vested by the
Real Estate License Act of 1983, the Land Sales Registration Act of 1989, and
the Illinois Real Estate Time-Share Act in the Department of Professional
Regulation shall be transferred to the Office of the Commissioner of Savings
and Residential Finance to be hereafter known as the Office of the Commissioner
of Savings, Real Estate Professions, and Mortgage
Finance.  Wherever, in the Real Estate License Act of 1983, the Land Sales
Registration Act of 1989, or the Illinois Real Estate Time-Share Act, there is
a reference to the Department of Professional Regulation or to an officer,
employee, or agent of the Illinois Department of Professional Regulation, that
reference, beginning July 1, 1995, means the Office of the Commissioner of
Savings, Real Estate Professions, and Mortgage Finance or an officer, employee,
or agent of the Office of the Commissioner of Savings, Real Estate Professions,
and Mortgage Finance.

(b) All books, records, property (real and personal), pending business,
and funds pertaining to the rights, powers, and duties transferred from the
Department of Professional Regulation under this Act and in the custody of the
Department of Professional Regulation on July 1, 1995 shall be delivered and
transferred to the Office of the Commissioner of
Savings, Real Estate Professions, and Mortgage Finance.
All officers and employees of the Department of Professional Regulation on July
1, 1995 who devoted substantially all of their time to tasks performed in
connection with the Real Estate License Act of 1983, the Land Sales
Registration Act of 1989, or the Illinois Real Estate Time-Share Act shall on
that date become officers and employees of the Office of the
Commissioner of Savings, Real Estate Professions, and Mortgage Finance.
Notwithstanding the
preceding sentence, no rights of State employees under the Personnel Code, the
Illinois Pension Code or any pension, retirement, or annuity plan, or any
collective bargaining agreement or other contract or agreement are affected by
the transfer of rights, powers, and duties under this Act.

(c) The provisions of subsections (a) and (b) of this Section are
superseded by the applicable transfer and savings provisions of the Division of Banking Act.

(Source: P.A. 96-1365, eff. 7-28-10.)