HB2339 Summary: Land Sales Registration Act Amendments

• Transfers administration of the Land Sales Registration Act of 1999 from the Commissioner of Banks and Real Estate and Office of Banks and Real Estate to the Secretary of Financial and Professional Regulation and the Department of Financial and Professional Regulation.

• Extends the sunset date for the Land Sales Registration Act from January 1, 2010 to January 1, 2020, allowing continued regulation of out-of-state land sales to Illinois residents.

• Establishes new registration exemption procedures with written Department approval and adds exemption-related disciplinary provisions for misrepresentation or false claims.

• Creates a new civil penalty framework (Section 5-23) for returned checks and unpaid fees, with $50 penalties and provisions for registration termination or denial for non-payment within 30 days.

• Clarifies Department authority over investigation, discipline, and enforcement, including authority to impose civil penalties up to $25,000 per violation and issue cease-and-desist orders for non-registered practice.