Bill Text: IL HB0598 | 2013-2014 | 98th General Assembly | Amended

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Bill Title: Amends the Illinois Athletic Trainers Practice Act. Makes a technical change in a Section concerning the short title.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2014-12-03 - Session Sine Die [HB0598 Detail]

Download: Illinois-2013-HB0598-Amended.html

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Rep. Keith Farnham

Filed: 4/17/2013

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AMENDMENT TO HOUSE BILL 598
AMENDMENT NO. ______. Amend House Bill 598 by replacing
everything after the enacting clause with the following:
"Section 5. The Real Estate License Act of 2000 is amended
by changing Section 10-10 as follows:
(225 ILCS 454/10-10)
(Section scheduled to be repealed on January 1, 2020)
Sec. 10-10. Disclosure of compensation.
(a) A licensee must disclose to a client the sponsoring
broker's compensation and policy with regard to cooperating
with brokers who represent other parties in a transaction.
(b) A licensee must disclose to a client all sources of
compensation related to the transaction received by the
licensee from a third party.
(c) If a licensee refers a client to a third party in which
the licensee has greater than a 1% ownership interest or from

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which the licensee receives or may receive dividends or other
profit sharing distributions, other than a publicly held or
traded company, for the purpose of the client obtaining
services related to the transaction, then the licensee shall
disclose that fact to the client at the time of making the
referral.
(d) If in any one transaction a sponsoring broker receives
compensation from both the buyer and seller or lessee and
lessor of real estate, the sponsoring broker shall disclose in
writing to a client the fact that the compensation is being
paid by both buyer and seller or lessee and lessor.
(e) Nothing in the Act shall prohibit the cooperation with
or a payment of compensation to a person not domiciled in this
State or country who is licensed as a real estate broker in his
or her state or country of domicile or to a resident of a
country that does not require a person to be licensed to act as
a real estate broker if the person complies with the laws of
the country in which that person resides and practices there as
a real estate broker.
(f) Any broker or other party representing an individual,
company, or other entity seeking to lease commercial real
estate, including retail, office, or industrial property, but
not residential property, in excess of 3,000 square feet of
floor space for a term of one year or more, shall, before
engaging in any activity in connection with the representation,
provide the tenant with a written statement setting forth, in

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reasonable detail, the basis on which the broker intends to
charge a commission or fee for the representation, such as
percentage of rent, charge per square foot of floor space per
year, a fixed amount, or any other other charge, and a
reasonable estimate of the dollar amount of the fee.
(g) Any owner of commercial real estate shall, before
leasing floor space in excess of 3,000 square feet for a period
of one year or more, provide the tenant with a written
statement of all commissions to be paid to a broker in
connection with the transaction.
(h) Any broker or owner of commercial real estate who fails
to comply with the requirements of subsections (f) and (g) of
this Section in connection with any signed lease shall be
liable to the tenant under the lease in an amount up to 3 times
the amount of the commission or other fees charged from the
transaction, plus any reasonable legal fees incurred in
enforcing this subsection (h).
(Source: P.A. 91-245, eff. 12-31-99; 92-217, eff. 8-2-01.)".