More Illinois REALTORS® need to make their voices heard by participating in the association’s Call for Action against Senate Bill 3052.

Through Friday afternoon, nearly 2,500 Illinois REALTORS® had already joined the Call for Action and urged the General Assembly to vote against this bill.

The proposed legislation would unwisely insert state government into private, business-to-business contract negotiations by putting a cap of 10 percent on “retainage” (5 percent once a project is half completed).

Retainage is currently determined as part of a contract. It is the amount of the overall cost of a project that a developer may hold back from payment until the end of the project to ensure satisfactory completion of all agreed upon items in the contract.

Illinois REALTORS® argue that two private businesses ought to be able to put whatever provisions in their mutually agreed upon contract that satisfies both parties. The association further contends that SB 3052 would be a “thumb on the scale” by injecting the state into private business agreements, unfairly benefiting one party at the expense of the other.

SB 3052 initially failed in the House Executive Committee on Thursday. Through some legislative gamesmanship, the committee took a second vote on the bill and it narrowly passed committee. It is up for consideration by the whole House of Representatives. Join your colleagues and tell your state representative to vote against SB 3502!