Illinois REALTORS® legal team has combed through the Real Estate License Act and has a new report which outlines changes practitioners need to be aware of, consolidating all the updates and resources for members on the act.
RELA was overwhelmingly passed by the General Assembly during the spring legislative session, and it awaits Gov. J.B. Pritzker’s signature. Once signed, elements of the act will be examined by regulators who will come up with RELA’s underlying rules.
Illinois REALTORS® worked closely with the Illinois Department of Financial and Professional Regulation on the revisions, which are mandated every ten years by law. The association’s suggestions, many of which were incorporated into the rewrite, came from REALTOR® task force members.
The Illinois REALTORS® legal team plans additional updates as the act is signed and moves into the rule-making process.