91st General Assembly
Summary of HB2632
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House Sponsors:

Senate Sponsors:

Short description: 
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   repealed on December 31, 2009.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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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