Will it have any effect on the quality or number of real estate licenses in Illinois?

Senate Bill 0571 (SB0571) has been sent to the rules committee of the Illinois state senate.  The bill is an update to the Real Estate License Act of 2000 and among other issues:

increases the required education for salesperson licensing from 45 hours to 90 hours with 30 hours of continuing education prior to the first renewal and 12 hors each subsequent renewal,

establishes initial broker licensing requirements of 45 hours of pre-license course work which must be in the area of brokerage management, supervision and administration with 18 hours of continuing education, 6 of which must be in broker management.

provides that broker applicants must be licensed as real estate salespersons for 2 out of the last three years prior to broker licensing.

If passed, the proposed changes become effective May 1, 2009.  Complete details available here.

The Illinois Academy of Real Estate will be following the progress of the legislation and will be posting updates.