Illinois Real estate law is transforming with the introduction of six new laws taking effect on January 1, 2023, and two more in 2024.
SB 1495 modifies real estate licensing requirements on January 1, 2024, while AB 2503 requires updating terminology used in real estate contracts by December 31st of that same year.
SB 1005 clarifies the probate code while SB 1017 provides tenant protections against domestic violence to safeguard individuals as they navigate their legal rights within the industry.
AB 1410 mandates that homeowner’s associations (HOAs) permit their members to talk about their common interest development on social media as well as letting them rent out a portion of owner-occupied space. During emergency scenarios, HOAs may not pursue enforcement for violations if it would be potentially hazardous to repair the issue.
AB 1837 and AB 2170 both modify existing laws regarding eligible bidders for foreclosed properties, making it easier for tenants, owner-occupants, nonprofits, and governmental organizations to win a bid.
AB 2559 has outlined a reusable tenant screening report, which landlords can opt to use and must provide tenants with costless access if they do so.
AB 2745, states experience applicable to the real estate broker exam must have been obtained within the last five years.
AB 2960 stipulates that the disclosure requirements of a contract remain in effect, regardless if such requirements are altered after its initial agreement.