Amends the Conveyances Act. Provides that a person or entity that purchases existing residential real estate with the purpose of renovation and resale is prohibited from reselling the real estate within 6 months of purchase.
House Committee Amendment No. 1: Replaces everything after the enacting clause with the following. Amends the Condominium Property Act. Provides that in a sale of a condominium unit by a unit owner, no condominium association may exercise any right of refusal, option to purchase, or right to disapprove the sale: (i) on the basis that the purchaser's financing is guaranteed by the Federal Housing Administration; or (ii) for a discriminatory or otherwise unlawful purpose. Provides that any person aggrieved by a violation of the provisions regarding resale approval has a cause of action against the offending condominium association that may be commenced in circuit court.

Statutes affected:
Introduced: 765 ILCS 5/5
Engrossed: 765 ILCS 605/22
Enrolled: 765 ILCS 605/22
Public Act: 765 ILCS 605/22