Bill Text: IL HB5396 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Creates the Disclosure of Commissions for Commercial Leases Act. Provides that except for leases of less than one year or leases in which the total rent due per lease year is less than $10,000, a lessor of commercial property, prior to entering into a lease with a tenant, must disclose to the tenant, in writing, any and all commissions and fees being paid in connection with the lease transaction. Provides that a lessor who fails to provide the written disclosure is liable to the tenant in an amount equal to 3 times the amount of any non-disclosed commission or fee.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB5396 Detail]

Download: Illinois-2013-HB5396-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB5396 Introduced , by Rep. Keith Farnham SYNOPSIS AS INTRODUCED:
New Act
Creates the Disclosure of Commissions for Commercial Leases Act. Provides that except for leases of less than one year or leases in which the total rent due per lease year is less than $10,000, a lessor of commercial property, prior to entering into a lease with a tenant, must disclose to the tenant, in writing, any and all commissions and fees being paid in connection with the lease transaction. Provides that a lessor who fails to provide the written disclosure is liable to the tenant in an amount equal to 3 times the amount of any non-disclosed commission or fee.
LRB098 17834 HEP 52958 b
A BILL FOR
HB5396 LRB098 17834 HEP 52958 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Disclosure of Commissions for Commercial Leases Act.
Section 5. Disclosure required. Except for leases of less
than one year or leases in which the total rent due per lease
year is less than $10,000, a lessor of commercial property,
prior to entering into a lease with a tenant, must disclose to
the tenant, in writing, any and all commissions and fees being
paid in connection with the lease transaction.
Section 10. Penalty. A lessor who fails to provide the
written disclosure required by Section 5 of this Act is liable
to the tenant in an amount equal to 3 times the amount of any
non-disclosed commission or fee.