Illinois REALTORS® collaborated with the Illinois Department of Financial and Professional Regulation (IDFPR), as well as Sen. Javier L. Cervantes (D-1st, Chicago) and Rep. Jenn Ladish Douglass (D-45th, Westmont) to develop Senate Bill 3740. The bill was unanimously supported in both chambers of the Illinois General Assembly before Gov. J.B. Pritzker signed it into law earlier this month. The following changes to the Real Estate License Act of 2000, will take effect Jan. 1, 2025:

  • All real estate licensees will be required to use written brokerage agreements when they act as agents for all types of real estate brokerage business, including with buyers in residential sales transactions, as required by the NAR settlement.
  • Brokers seeking to upgrade their licenses will only be required to take Illinois-specific exams to obtain their managing broker licenses.
  • Mandatory Core Continuing Education (CE) Hours will increase from four to six hours, including two hours of mandatory Fair Housing-related courses.
  • Added language to emphasize and support independent contractor relationships for licensees conducting brokerage business when that is the nature of the agreements between the sponsoring brokers and the licensees.

“We are very fortunate and appreciative of the strong working relationship that has been established with IDFPR,” said Senior Director of State Government Affairs Jimmy Clayton. “Senate Bill 3740 received bipartisan support throughout the entire legislative process. It is a tribute to Illinois REALTORS® and IDFPR that a bill made it all the way through the process without a dissenting vote.”

Amendment protects condo buyers from discrimination
Gov. Pritzker has also signed into law an amendment to the Condominium Property Act protecting buyers of condominium units.

House Bill 5502 prohibits condominium associations from exercising any right of refusal, option to purchase or right to disapprove the sale of a condominium unit by a unit owner on the basis that the purchase’s financing is guaranteed by the Federal Housing administration or for a discriminatory or otherwise unlawful purpose.

The amendment provides the buyer with a right of action in a state circuit court against offending condominium associations. Clayton, Illinois REALTORS® president Matt Silver, Governmental Affairs Senior Advisor Betsy Mitchell and Associate General Counsel Matthew Rentschler were instrumental in the passage of this amendment. Sponsors of the bill were Sen. Ram Villivalam (D-8th, Chicago) and Rep. Daniel Didech (D-59th, Buffalo Grove).