Bill Text: IL HB5502 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Conveyances Act. Provides that a person or entity that purchases existing residential real estate with the purpose of renovation and resale is prohibited from reselling the real estate within 6 months of purchase.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Enrolled) 2024-06-13 - Sent to the Governor [HB5502 Detail]

Download: Illinois-2023-HB5502-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5502 Introduced , by Rep. Kevin John Olickal SYNOPSIS AS INTRODUCED:
765 ILCS 5/5.40 new
Amends the Conveyances Act. Provides that a person or entity that purchases existing residential real estate with the purpose of renovation and resale is prohibited from reselling the real estate within 6 months of purchase.
LRB103 37448 JRC 67570 b
A BILL FOR
HB5502 LRB103 37448 JRC 67570 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Conveyances Act is amended by adding
Section 5.40 as follows: