Bill > HB3186

This bill amends the Real Estate License Act of 2000 to require additional transparency in real estate advertising, specifically concerning homeowner's association (HOA) fees. The bill mandates that when residential real estate belonging to a homeowner's association is being advertised, the advertisement must now include clear information about the nature and cost of the HOA fees. Furthermore, this disclosure must be included in any Multiple Listing Service (MLS), which is a comprehensive database used by real estate professionals to share information about properties for sale. The goal of this requirement is to ensure potential buyers have upfront, readily accessible information about ongoing financial obligations associated with a property, helping them make more informed purchasing decisions. By requiring this disclosure in the MLS and other advertising channels, the bill aims to prevent potential misunderstandings or surprises for consumers about the additional costs of HOA membership when purchasing a property.

Justice

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3186&GAID=18&DocTypeID=HB&SessionID=114&GA=104