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Illinois anti-rebate legislation (HB 4313)

By MICHAEL H. ERDMAN

An Illinois broker recently informed me that State Representative Robert Molaro (who himself does not appear to be a licensed broker or salesperson in Illinois) has introduced anti-rebate legislation in Springfield. The bill is scheduled to be heard this Thursday by the Judiciary I - Civil Law Committee.

Here's the synopsis offered on the legislature's website:

Amends the Real Estate License Act of 2000. Provides 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. Provides that a licensee may 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, so long as the offer complies with certain provisions of the Act. Effective immediately.

If you have any additional information, please share it here.

Full post as published by Real Estate, Real Competition & The Law on February 18, 2008 (boomark / email).