(Section scheduled to be repealed on January 1, 2026)

323 words·~1 min read·/il/chapter-20/act-4123/1-6

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.