Illinois General Assembly - Bill Status for HB4709
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 Bill Status of HB4709  98th General Assembly


House Sponsors
Rep. Robert Rita

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
225 ILCS 454/1-10
225 ILCS 454/20-20

Synopsis As Introduced
Amends the Real Estate License Act of 2000. Changes the definition of "broker" to include an individual, partnership, limited liability company, corporation, or registered limited liability partnership other than a real estate salesperson or leasing agent who prepares or provides a broker price opinion or comparative market analysis or similar estimate of the value of real estate. Defines "broker price opinion" and "comparative market analysis". Provides that the Department of Financial and Professional Regulation may refuse to issue or renew a license, may place on probation, suspend, or revoke any license, reprimand, or take any other disciplinary or non-disciplinary action as the Department may deem proper and impose a fine not to exceed $25,000 upon any licensee or applicant under the Act or any person who holds himself or herself out as an applicant or licensee or against a licensee in handling his or her own property, whether held by deed, option, or otherwise, for providing a broker price opinion or comparative market analysis in a manner that is not consistent with the provisions of the Uniform Standards of Professional Appraisal Practice that apply to broker price opinions and comparative market analyses, as adopted by the Appraisal Standards Board and by rule. Effective immediately.

DateChamber Action
  2/5/2014HouseFiled with the Clerk by Rep. Robert Rita
  2/5/2014HouseFirst Reading
  2/5/2014HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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