Illinois Gov. Bruce Rauner signed a bill which will help make it easier for real estate professionals to transact business.
Included in HB 5210, which was signed on Monday, is a provision which will eliminate the need for a broker to obtain licenses for every separate branch office they operate.
“House Bill 5210 is a win for small business and licensed professionals in Illinois,” Rauner said in a press release. “It is another step forward in our goal of reducing the amount of red tape, paperwork and regulatory burden that puts our business owners and our state at a disadvantage.”
The old license structure provided no benefit to the public and discouraged business creation and growth, according to the press release. The new legislation clarifies that licensed individuals may establish limited liability companies to receive commissions directly and derive more favorable tax treatment. The legislation was supported by the Illinois Department of Financial and Professional Regulation (IDFPR), which reported 1,195 branch office licenses in April.
“On behalf of more than 47,000 realtors throughout Illinois, we support this effort and appreciated the opportunity to work with IDFPR in crafting and passing this legislation,” said Illinois REALTORS® CEO Gary Clayton. “This is a sound policy initiative that will streamline the regulatory process for Illinois businesses.”
The governor also signed House Bill 5502, removing a testing requirement to encourage new real estate appraiser trainees to enter the industry. State Rep. Tony McCombie of Savanna sponsored the legislation. “The signing of HB 5502 is the first step in rebuilding the appraisal industry here in Illinois,” she said. “Due to the increased costs of education and mandates, those receiving licenses have continued to decline. I am pleased to have sponsored this bill and the signing of this legislation is a positive change for Illinois. HB 5502 will grow jobs and opportunities for people wanting to enter the real estate appraisal field.”