(Chicago, IL) –January 1, 2010. Governor Pat Quinn yesterday signed a bill into law to help protect Illinois homebuyers.
The legislation, Senate Bill 1894, increases the education requirements for real estate agents in Illinois, expands an anti-predatory lending program, and helps towns clean-up foreclosed homes.
“This important new law helps protect Illinois’ homebuyers from unscrupulous lenders and ensures that our real estate agents have comprehensive, up-to-date training,” said Quinn.
The new law, sponsored by Rep. Kevin McCarthy (D-Orland Park) and Sen. William Haine (D-Alton). increases the education requirement to become an Illinois real estate agent increases from 45 to 120 hours.
Additionally, the new law requires real estate brokers to complete 12 hours of continuing education every renewal period (two years). The bill also creates the licensure category of “managing broker,” which requires 165 hours of education and 24 hours of continuing education every renewal period.
The law also expands the Illinois’ anti-predatory lending database program to three counties that have among the state’s highest foreclosure rates – Kane, Will and Peoria.
Under current law the program only applies to Cook County.
The program requires lenders to provide loan information to the State to determine if the homebuyer should receive loan counseling, prior to approval of the loan.
Finally, the muscled-up law also includes a provision that allows municipalities to place a lien on an abandoned residential property to help cover the cost of clean-up.
“…[A]ssisting municipalities in cleaning up abandoned or foreclosed properties will help all of Illinois rebound from the economic difficulties we have faced,” said McCarthy.