Illinois HB5485 mandates a 75-day waiting period for covered entities to purchase single-family residences.
HB5485, known as the Fair Access to Housing Act, requires that covered entities, such as institutional real estate investors, wait 75 days before purchasing single-family residences. This waiting period restarts if the asking price changes. The act defines "covered entity" as an institutional real estate investor or an entity funded by such an investor, excluding certain tax-exempt organizations and land banks. Violators may face civil penalties up to $250,000.
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