Real Estate License Act changes signed into law by governor

Gov. Bruce Rauner has signed into law an important series of changes to the state’s Real Estate License Act.

House Bill 3528, which was backed by Illinois REALTORS®, was unanimously passed by both chambers of the General Assembly earlier this year, and had been sent to the governor on June 23. He signed it Friday.

Among the bill’s provisions:

  • The Real Estate Education Advisory Council (EAC) will become part of the Real Estate Administration and Disciplinary Board (READ). The EAC will operate as a subcommittee of the reconstituted READ board.
  • The changes streamline the licensing of brokers and CE instructors and schools.
  • It updates education requirements to allow two-hour CE courses rather than the previous three-hour mandated courses; and it allows modern course delivery options.
  • Clarifies that a leasing agent’s broker can be disciplined if a leasing agent operates outside of the narrow scope of the law pertaining to leasing.

Illinois REALTORS® has worked for more than a year with the Illinois Department of Financial and Professional Regulation on the changes.

The House sponsor was Rep. Robert Rita, and the Senate sponsors were Sens. Chuck Weaver and Dave Syverson.

Governor signs license law rewrite

Good news for the new year!

Gov. Pat Quinn has signed the rewrite of the Illinois Real Estate License Act of 2000 (the Act), which takes effect today. The new license law retains a good portion of the old law, but also updates the Act in many important ways that will benefit the real estate consumer as well as our industry.

On behalf of the IAR leadership team, I want to thank all of the IAR members who worked so hard over the past several years in putting together and advocating for the passage of this milestone license law rewrite.

The Illinois Association of REALTORS® is here to help you through this transition. We have created a special Web site, www.IARlicenselaw.org, to alert you to important updates, answer your questions about the license law changes and provide you with all of the tools and resources you’ll need.

One important reminder – an amended license law means there are new forms and amended language to some of our old forms. As of December 31, members must take care to use the correct forms. You can find those new and amended forms at www.IARlicenselaw.org.

What else can you find at www.IARlicenselaw.org?

  • License Law FAQ’s
  • Provisions Effective December 31
  • Legal Webinar on Article 15
  • Future podcasts

The license law rewrite does include changes to the licensure categories, but those requirements will be implemented over the next two years (through April 30, 2012) giving members plenty of time to make the transition. Under the Act, “salespersons” will become “brokers” and existing “brokers” will transition into the category of “managing brokers.” You can learn more about the requirements at www.IARlicenselaw.org.

The license law rewrite brings changes, but IAR will be there with you every step of the way and will provide you with resources and information you need to make this transition a smooth one.