Bill Text: IL SB0168 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the Commercial Real Estate Broker Lien Act. Makes a technical change in a Section concerning definitions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-01-01 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0168 Detail]
Download: Illinois-2015-SB0168-Introduced.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Commercial Real Estate Broker Lien Act is | |||||||||||||||||||
5 | amended by changing Section 5 as follows:
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6 | (770 ILCS 15/5) (from Ch. 82, par. 655)
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7 | Sec. 5. Definitions. As used in this Act:
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8 | "Commercial real estate" means any real estate located in | |||||||||||||||||||
9 | Illinois other
than (i) real estate containing one to 6 | |||||||||||||||||||
10 | residential units, (ii) real estate on
which no buildings or | |||||||||||||||||||
11 | structures are located, or (iii) real estate classified
as | |||||||||||||||||||
12 | farmland for assessment purposes under the
the Property Tax | |||||||||||||||||||
13 | Code. Commercial
real estate shall not include single family
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14 | residential units such as condominiums, townhouses, or homes in | |||||||||||||||||||
15 | a subdivision
when sold, leased, or otherwise conveyed on a | |||||||||||||||||||
16 | unit by unit basis even though
these units may be part of a | |||||||||||||||||||
17 | larger building or parcel of real estate
containing more than 6 | |||||||||||||||||||
18 | residential units. | |||||||||||||||||||
19 | "Real estate", "broker", and "employee" are defined as in | |||||||||||||||||||
20 | the Real Estate
License Act of 2000.
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21 | "Interest in commercial real estate" shall include, | |||||||||||||||||||
22 | without limitation, any
interest in a land trust as defined in | |||||||||||||||||||
23 | Section 15-1205 of the Code of Civil
Procedure.
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1 | (Source: P.A. 91-245, eff. 12-31-99.)
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