Wholesaling effectively BANNED in Illinois

HOT OFF THE PRESS

"EFFECTIVE IMMEDIATELY
SB-1872 - Signed Into Law
Governor Pritzker signed into law SB-1872 making a broker's license a requirement for many investors in Illinois and levels severe penalties as outlined below!

THE LAW:
ILGA.gov SB-1872 Read the new Law... pay attention to:
Page 3: "Section 1-10 (5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on real estate or improvements thereon. For purposes of this definition, an individual or entity will be found to have engaged in a pattern of business if the individual or entity by itself or with any combination of other individuals or entities, whether as partners or common owners in another entity, has engaged in one or more of these practices on 2 or more occasions in any 12-month period."

Then, scroll way way down on the full text of the Law...

THE PENALTY:
"Page 87 - Sec. 20-10. Unlicensed practice; civil penalty."
a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a managing broker, broker, or residential leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil penalty to the Department in an amount not to exceed $25,000 for each offense as determined by the Department… (Courtesy of Jane Garvey)"

WHAT YOU CAN DO:

• Don't panic
• 1. Read the Law - The entire Law... there are other far reaching consequences in this law that will affect ALL real estate investors
• 2. Talk to your Attorney. Don't have an attorney join LegalShield at www.Skidis.Biz
• 3. Consider Transactional Funding with Shari Peterson
• 4. Attend our IL REIA meeting Tuesday August 20th for additional information. George Skidis will be discussing your options and some of the unintended consequences of the law.