LAND SALES REGISTRATION-NEW
Synopsis of Bill as introduced:
Creates the Land Sales Registration Act of 1999 and repeals the
Land Sales Registration Act of 1989. Amends the Regulatory Sunset
Act. Requires registration with the Office of Banks and Real Estate
before offering lands located outside Illinois for sale to Illinois
residents. Provides requirements for registration, including fees.
Provides standards for sales contracts relating to lands covered by
the Act and for other business practices relating to sale of lands
covered by the Act. Provides for penalties for violations of the Act,
including a civil penalty not to exceed $25,000 for certain
violations. Makes certain conduct in connection with making a false
statement or misrepresentation concerning lands for sale a Class 4
felony. Provides that the Land Sales Registration Act of 1999 is
repealed on December 31, 2009. Effective December 30, 1999.
FISCAL NOTE (Department of Corrections)
There will be minimal fiscal and population impact.
CORRECTIONAL NOTE (Department of Corrections)
Same as DOC fiscal note.
Last action on Bill: PUBLIC ACT.............................. 91-0338
Last action date: 99-07-29
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status