20 ILCS 4123/ Money Laundering in Real Estate Task Force Act.

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EXECUTIVE BRANCH
(20 ILCS 4123/) Money Laundering in Real Estate Task Force Act.

20 ILCS 4123/5-1
    (20 ILCS 4123/5-1)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 5-1. Short title. This Article may be cited as the Money Laundering in Real Estate Task Force Act. References in this Article to "this Act" mean this Article.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/5-3
    (20 ILCS 4123/5-3)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 5-3. Findings. The General Assembly finds and declares the following:
        (1) the United States Department of Treasury's

Financial Crimes Enforcement Network found, in 2017, that 30% of all high-end real estate purchases in major metropolitan areas involved beneficial owners or purchasers who were the subject of previous suspicious activity reports;
        (2) the United States, unlike Canada and several

other jurisdictions, does not require real estate agents and brokers to file suspicious transaction reports;
        (3) the lack of beneficial ownership transparency is

an important factor in facilitating money laundering in real estate; and
        (4) money laundering in real estate has negative

consequences for local communities, including the dislocation of residents from and within major metropolitan areas.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/5-5
    (20 ILCS 4123/5-5)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 5-5. Money Laundering in Real Estate Task Force.
    (a) The Money Laundering in Real Estate Task Force is created. The Task Force shall consist of the following members:
        (1) 4 members appointed one each by the Speaker of

the House of Representatives, the Minority Leader of the House of Representatives, the President of the Senate, and the Minority Leader of the Senate;
        (2) the Secretary of Financial and Professional

Regulation or the Secretary's designee;
        (3) the Director of Revenue or the Director's

designee;
        (4) 2 members of the faculty of an institution of

higher education in the State with subject matter expertise regarding money laundering in real estate, appointed by the Governor;
        (5) one expert on real estate tax law, appointed by

the Governor;
        (6) one representative of banking institutions with

assets of at least $1,000,000,000, appointed by the Governor;
        (7) one representative of banking institutions with

assets below $1,000,000,000, appointed by the Governor;
        (8) 2 representatives of a statewide organization

representing real estate brokers, appointed by the Governor; and
        (9) 4 members with backgrounds in real estate,

financial institutions, or law, appointed one each by the Speaker of the House of Representatives, the Minority Leader of the House of Representatives, the President of the Senate, and the Minority Leader of the Senate.
    (b) Initial appointments to the Task Force shall be made as soon as practicable after the effective date of this Act. The Task Force shall hold its first meeting within a reasonable period of time after its members have been appointed and shall convene regularly to carry out its duties and submit the reports required under this Act. At its first meeting, the Task Force shall elect its chairperson and any other officers from among its members.
    (c) The Department of Financial and Professional Regulation and the Department of Revenue shall provide administrative and other support to the Task Force.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/5-10
    (20 ILCS 4123/5-10)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 5-10. Duties. The Task Force shall:
        (1) identify vulnerabilities in the real estate

sector that facilitate money laundering;
        (2) provide guidance to help actors in the real

estate sector identify suspicious transactions and report them to the proper authorities;
        (3) explore the means by which illicit money is

channeled into the real estate sector and integrated into the legal economy, including, but not limited to, cash purchases, complex loans, monetary instruments, mortgages, investment institutions, fraudulent appraisals, and anonymous corporate entities;
        (4) assess the exposure of the residential,

industrial, and commercial real estate sectors in Illinois to illicit Russian money, including, but not limited to, luxury real estate in Chicago and nonresidential real estate in downstate communities; and
        (5) assess real estate due diligence and reporting

practices, requirements, and laws in Illinois and recommend changes needed to eliminate systemic vulnerabilities that facilitate foreign money laundering.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/5-15
    (20 ILCS 4123/5-15)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 5-15. Reports. The Task Force shall submit a report to the Governor and the General Assembly not later than 24 months after the effective date of this Act. The report shall include the Task Force's findings and shall summarize the actions the Task Force has taken and those it intends to take in response to its obligations under the Act. After it submits its initial report, the Task Force shall periodically submit reports to the Governor and the General Assembly as the chairperson of the Task Force deems necessary to apprise those officials of any additional findings made or actions taken by the Task Force. The obligation of the Task Force to submit periodic reports shall continue for the duration of the Task Force.
(Source: P.A. 102-1108, eff. 12-21-22; 103-563, eff. 11-17-23.)

20 ILCS 4123/5-20
    (20 ILCS 4123/5-20)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 5-20. Dissolution of Task Force; repeal. The Task Force is dissolved on January 1, 2025. This Act is repealed on January 1, 2026.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/Art. 1

    (20 ILCS 4123/Art. 1 heading) Article 1.(Uncodified provisions; text omitted)(Source: P.A. 102-1108, eff. 12-21-22; text omitted.)

20 ILCS 4123/Art. 5

    (20 ILCS 4123/Art. 5 heading) Article 5.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/Art. 10

    (20 ILCS 4123/Art. 10 heading) Article 10.(Amendatory provisions; text omitted)(Source: P.A. 102-1108, eff. 12-21-22; text omitted.)

20 ILCS 4123/Art. 99

    (20 ILCS 4123/Art. 99 heading) Article 99.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/99-97
    (20 ILCS 4123/99-97)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 99-97. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes.
(Source: P.A. 102-1108, eff. 12-21-22.)

20 ILCS 4123/99-99
    (20 ILCS 4123/99-99)
    (Section scheduled to be repealed on January 1, 2026)
    Sec. 99-99. Effective date. This Act takes effect upon becoming law.
(Source: P.A. 102-1108, eff. 12-21-22.)