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Illinois bill would restrict real estate rebates
         
Rep. Robert Molaro     Rep. Angelo 'Skip' Saviano
The following is an excerpt of a big story that appeared on Inman News today 2.20.08:
House Bill 4313, proposed by Illinois state Rep. Robert S. Molaro, D-Chicago, seeks to amend the state's Real Estate License Law Act of 2000 to state that "no licensee shall give or pay cash rebates, cash gifts or cash prizes to an unlicensed person who is a party to a contract to buy or sell real estate." The legislation would allow licensees to offer compensation "including prizes, merchandise, services, rebates, discounts or other consideration to an unlicensed person who is a party to the lease of real estate," as long as that offer complies with other provision of the existing act, according to the bill text.
I notice that the leasing of real estate would be exempt from this legislation. Why?, Leasing of real estate is part of the Real Estate License Law in Illinois.  
Did these two State Reps. try to get any input from the real estate profession before introducing this legislation?  This bill will hurt the profession, but more importantly it will hurt real estate consumers.
The Illinois Association of Realtors is opposing state legislation that seeks to restrict cash ... more

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