The rewrite of the Illinois Real Estate Act of 2000 provides additional consumer protection and enforcement provisions including the following:

• Establishes criminal offenses for unlicensed practice: Class A misdemeanor for first offense, subsequent convictions Class 4 felony.
• Creates a private right of action for unlicensed practice.
• Provides that the Illinois Department of Financial and Professional Regulation (the Department) shall employ a minimum of one investigator per 10,000 licensees, and one prosecutor per 20,000 licensees in order to properly enforce the provisions of the Act. Provides that at least one of the investigators and at least one of the prosecutors shall be dedicated to investigating and prosecuting unlicensed practice.
• Provides that the Department may contract with “peer review advisors” to investigate and determine the facts of a complaint. This provision is designed to provide for the expeditious handling of complaints. The peer review advisor would interview witnesses, the complainant, and any licensees involved in the alleged matter, and make a recommendation to the Department as to the facts of the case.
• Peer review advisors would be compensated from the Real Estate Audit Fund at a rate not to exceed $15,000 per year.

Official State of Illinois News Release: "Governor Quinn Signs Bill to Protect Homebuyers
New Law Increases Education Requirements for Realtors"

Questions about real estate licensing? Learn more from the Real Estate Division of the Illinois Department of Financial and Professional Regulation.

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