In a move that recognizes the important role the real estate industry plays in the state’s economy, Gov. Pat Quinn on Monday signed an executive order that created the Division of Real Estate within the Illinois Department of Financial and Professional Regulation.
Executive Order 14-03 would go into effect in 60 days from its signing. News of the order came as hundreds of REALTORS® gathered in Springfield for meetings this week.
The change will result in a division which will oversee a multitude of state laws, including the Real Estate License, the Home Inspector License and the Land Sales Registration acts.
In the past real estate regulation has been handled through the Bureau of Real Estate Professions, which is located within the Division of Professional Regulation.
“Whereas, substantial efficiencies to the benefit of consumers and the real estate profession can be achieved by the reorganization of all Functions of the Bureau of Real Estate Professions , Division of Professional Regulation…”, according to the act.
The document filed Monday notes that the governor has the power to reorganize executive agencies.
The change was one that the Illinois Association of REALTORS® supported.
Quinn addressed REALTORS® at a reception at the Executive mansion on Monday. He is scheduled to meet with IAR’s leadership on Tuesday morning.