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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5502 Introduced 2/9/2024, by Rep. Kevin John Olickal SYNOPSIS AS INTRODUCED:
| | | Amends the Conveyances Act. Provides that a person or entity that purchases existing residential real estate with the purpose of renovation and resale is prohibited from reselling the real estate within 6 months of purchase. |
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| | A BILL FOR |
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| | HB5502 | | LRB103 37448 JRC 67570 b |
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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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Conveyances Act is amended by adding |
| 5 | | Section 5.40 as follows:
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| 6 | | (765 ILCS 5/5.40 new) |
| 7 | | Sec. 5.40. A person or entity that purchases existing |
| 8 | | residential real estate with the purpose of renovation and |
| 9 | | resale is prohibited from reselling the real estate within 6 |
| 10 | | months of purchase. |