During the past week in Springfield, a proposal to establish reporting requirements on most income-producing properties in Cook County stalled in committee while a proposal supported by Illinois REALTORS® to rewrite the Illinois Real Estate License Act advanced out of another committee, according to the May 10 State Capitol Report.
A large coalition, including Illinois REALTORS® opposes Senate Bill 1379, which is an initiative of the Cook County assessor and seeks to establish reporting requirements for all income-producing properties. Exceptions include: properties valued at $100,000 or less, farmland and residential property with six or fewer units. Though the bill stalled in the House Revenue and Finance Committee, Illinois REALTORS® remains vigilant on efforts to move the bill, and will work with the coalition to either modify or defeat it.
Illinois REALTORS® and the Department of Financial and Professional Regulation helped shape an amendment to Senate Bill 1872 to rewrite and renew the Real Estate License Act. The bill was approved by the House Labor and Commerce Committee and advanced to the House floor for a vote.
Find out more about these issues and a dozen more in the May 10 State Capitol Report.