Real Estate License Act Rewrite has not yet passed.

On Sunday May 31, the rewrite of the Illinois Real Estate License Act was included in Senate Bill 268 which incorporates a series of measures.  Due to the flurry of budget activity in the summer session, the bill was not considered.

It is anticipated that the bill may be addressed in the fall session. 

Among many other changes, the proposed license law :

• eliminates the licensing category of salesperson; every licensee would be either a broker or managing broker
• requires that all salespersons move to the broker license category no later than April 30, 2012, by either passing a proficiency exam or by taking 30 hours of education and passing an exam
• prohibits the issuance of new salesperson licenses after April 30, 2011 
• increases the education required for broker licensing from 45 to 90 hours
• requires brokers to take 30 hours of post-licensing education within the first renewal period
• requires 12 hours of continuing education each renewal period after the first renewal
• takes effect December 31, 2009

The current Act Expires December 31, 2009 and some type of action is required.  We will keep you posted as updates become available.

Change really is coming, really it is...it's just a question of when.  Illinois House Bill 5338 has been in committee the spring session of 2007 and has seen little activity and you migt well ask, "is anything going to happen?."  The answer to that question is a resounding YES!

The Illinois Real Estate License Act includes a definite date at which it is scheduled to be repealed which is the removal or reversal of a law. Given the current real estate environment, this "ain't" going to happen.  The scheduled date is January 1, 2010.  

Given the political environment in Springfield, it is extremely unlikely that anything will happen until the Spring session of 2009.  It is in the Spring session that bills are introduced for consideration for the current legeslative year and we can expect to see the Bill addressed.

Senate Bill 571 was unanimously passed by the Illinois Senate in 2007 and we can expect this bill to be and is as written substantially the same and among other issues:

• Increases the required education for salesperson from 45 hours to 90 hours 
• Requires 30 hours of continuing education prior to a new licensee's first renewal and 12 hours of continuing education for each subsequent renewal.
• Requires 30 hours of continuing education for all current salesperson licensees and 12 hours of continuing education for each subsequent renewal.
• Establishes initial broker licensing requirements of 45 hours
• Provides that broker applicants must be licensed as real estate salespersons for two out of three years prior to broker licensing.

Needless to say, if you are considering earning a salespereson or broker's license at any time in the future, now just might be the time to act.