IL HB5485

Institutional real estate investors and entities receiving funding from them must wait at least 75 days after a single-family home is publicly listed before purchasing or making an offer, effective January 1, 2027

The 75-day waiting period restarts if the seller changes the asking price, requiring another full waiting period at the new price

Ownership includes direct ownership or indirect ownership of 10% or more of a single-family residence

Exemptions include 501(c)(3) nonprofits, land banks, community land trusts, creditors acquiring property through debt satisfaction, and homes that will be used as a principal residence by someone with ownership interest in the purchasing entity

Violations may result in civil damages and penalties up to $250,000, enforceable by the Attorney General through circuit court action