Licensed real estate professionals in Illinois are breaking out the bubbly this summer. House Bill 5210, supported by the Illinois Department of Financial and Professional Regulation, was signed in to law by Gov. Bruce Rauner last month.
According to an article in the Effingham Daily News, the new law downsizes real estate licensing requirements, which will reduce redundant and growth-stifling licensure. This will save Illinois some money and reduce realtor red tape because the state “no longer requires brokers to obtain a license from each branch of office they operate in, but instead they will only need one license and will simply just need to notify IDFPR of each office.”
It also allows a licensed realtor to create an LLC in order to receive commissions, minimizing taxes.
The legislation also “pushes back continuing education deadlines, establishes one basic standard for all business entities, simplifies the business entity license application, establishes common sense ownership requirements, and reduces barriers to industry.”
The governor also signed additional legislation removing a required test, thus reducing the barrier to entry for real estate appraisers. The time and money required were seen as burdensome for many.
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