Illinois HB 4964: END ALDERMANIC PRIVILEGE

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 Full Text of HB4964

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4964

Introduced , by Rep. Lilian Jiménez 

SYNOPSIS AS INTRODUCED:

225 ILCS 454/15-15

 Amends the Real Estate License Act of 2000. Requires a licensee representing a seller of residential real estate to share information on the property with any licensees representing prospective buyers, respond to inquiries from any licensees representing prospective buyers, make the property available for showing to prospective buyers, and, within one calendar day of the start date of any brokerage agreement authorizing the licensee to sell the client's property, publicly advertise or market the listed property for sale on an Internet platform or website accessible to the public and any real estate licensees representing prospective buyers unless the seller completes and signs a disclosure and opt-out form prescribed by the Department of Financial and Professional Regulation. Effective immediately.

LRB104 18342 AAS 31782 b

A BILL FOR

HB4964LRB104 18342 AAS 31782 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Real Estate License Act of 2000 is amended 

5by changing Section 15-15 as follows:

6 (225 ILCS 454/15-15)

7 (Section scheduled to be repealed on January 1, 2030)

8 Sec. 15-15. Duties of licensees representing clients. 

9 (a) A licensee representing a client shall:

10 (1) Perform the terms of the brokerage agreement 

11 between a broker and the client.

12 (2) Promote the best interest of the client by:

13 (A) Seeking a transaction at the price and terms 

14 stated in the brokerage agreement or at a price and 

15 terms otherwise acceptable to the client.

16 (B) Timely