Illinois homebuyers protected by new bill

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Illinois homebuyers protected by new bill

January 6, 2010 - Prospective homebuyers who are thinking purchasing property in Illinois now have another incentive to explore the region.

State Governor Pat Quinn has signed Senate Bill 1894, which will increase the education requirements for real estate agents in Illinois and expand an anti-predatory lending program to three new counties.

Individuals who wish to become real estate agents in the state will now have to complete 120 hours of training to achieve entry-level broker licensure. Previously, agents could be licensed as salespeople, which only required 45 hours of education.

The expanded loan program requires lenders to provide the state with information that determines whether a prospective borrower will need financial counseling prior to approval.

Governor Quinn said that the legislation is intended to "protect Illinois' homebuyers from unscrupulous lenders" and ensures that the state's "real estate agents have comprehensive, up-to-date training."

Individuals who are entering the homebuying process in any state may wish to investigate the region's requirements for real estate agents as well as laws that may protect lenders so they do not enter any agreements that could lead to financial trouble or foreclosure later.

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