The Illinois House voted 115-0 on Thursday to approve SB 1872, a rewrite of the state’s Real Estate Licensing Act.
This is the final vote in the House. The bill will return to the Senate for a concurrence vote with the House action as the General Assembly winds down the Spring legislative session.
Thursday’s approval comes after months of work by Illinois REALTORS® and the Illinois Department of Financial and Professional Regulation.The bill was presented as agreed-to legislation.
Among the bill’s highlights, according to Julie Sullivan, senior director of legislative and political affairs:
- SB1872 enhances the pre- and post-licensing requirements; reduces pre-license hours from 90 to 75 hours and completely revamps post-license education from the current 30 hours to a 45-hour program that targets essential skill-building;
- Enhances and more clearly specifies Managing Broker supervisory responsibilities, especially for new licensees;
- Reduces the minimum age for obtaining a license from 21 to 18;
- Defines and recognizes real estate brokerage “teams” and addresses the use of team names in advertising;
- Clarifies and streamlines consumer access to the Real Estate Recovery Fund and addresses and clarifies other disciplinary provisions.
Every ten years by statute, the license law comes up for a rewrite. The rewrite give state and industry officials an opportunity to make sure the law is in step with a fast-changing market environment.