HB5396 98TH GENERAL ASSEMBLY

LRB098 17834 HEP 52958 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5396

Introduced , by Rep. Keith Farnham

SYNOPSIS AS INTRODUCED:

New Act

Creates the Disclosure of Commissions for Commercial Leases Act. Provides that except for leases of less than one year or leases in which the total rent due per lease year is less than $10,000, a lessor of commercial property, prior to entering into a lease with a tenant, must disclose to the tenant, in writing, any and all commissions and fees being paid in connection with the lease transaction. Provides that a lessor who fails to provide the written disclosure is liable to the tenant in an amount equal to 3 times the amount of any non-disclosed commission or fee.

A BILL FOR

AN ACT concerning civil law.

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

Section 1. Short title. This Act may be cited as the Disclosure of Commissions for Commercial Leases Act.

Section 5. Disclosure required. Except for leases of less than one year or leases in which the total rent due per lease year is less than $10,000, a lessor of commercial property, prior to entering into a lease with a tenant, must disclose to the tenant, in writing, any and all commissions and fees being paid in connection with the lease transaction.

Section 10. Penalty. A lessor who fails to provide the written disclosure required by Section 5 of this Act is liable to the tenant in an amount equal to 3 times the amount of any non-disclosed commission or fee.