Introduction
Over 237 new laws go into effect in Illinois in the new year 2016.
We look forward to the new provision of the Illinois Mechanics Lien Act allowing a party to bond over a lien claim which we recently reviewed here:
Illinois adds bond substitution provision to the Mechanics Lien Act
The Changes
Of particular interest to Illinois small businesses as well as our firm’s clients are the following:
Duplicative or Burdensome Small Business Regulations (HB 3887/PA 99-0370): Requires state agencies to examine their rules, administrative regulations, and permitting processes as they pertain to small businesses in order to identify those rules, regulations, and processes that are unreasonable, unduly burdensome, duplicative, or onerous to small businesses.
Elevator Safety (SB 718/PA 99-0022): Provides that the Office of the State Fire Marshall shall authorize the issuance of elevator contractor’s licenses, elevator mechanic’s licenses, inspector’s licenses, and inspection company licenses. The Elevator Safety Review Board no longer has the power to establish fee schedules for inspections of conveyances. Requires that all injuries caused by a malfunctioning conveyance be reported to the Office of the State Fire Marshal within two business days.
Equal Pay Act Changes (HB 3619/PA 99-0418): Provides that the Act applies to all employers (currently only employers with four or more employees). Provides that any violation of the Act will subject employers to a civil penalties. Sets different penalty structures for employees with fewer than four employees and those with four or more employees. Committing public policy violations will subject the employer to a civil penalty not to exceed $5,000.
Equity Crowdfunding (HB 3429/PA 99-0182): Allows companies, particularly start-ups, to build capital by soliciting small amounts of money from many investors over the internet for the purchase and sale of securities. Investors may be accredited or non-accredited. The Secretary of State is allowed to establish rules pertaining to issuance of securities, fees, and notice requirements.
Residential Mortgage License Act Changes (HB 3369/PA 99-0015 ): Amends the Illinois Residential Mortgage License Act 205 ILCS 635/1-1 et seq. to improve the efficiency and include modern best practices in the regulation of the Act.
Consumer Ticket Purchase Protections (HB 3103/PA 99-0431): Attempts to strengthen protection for consumers who purchase tickets from brokers or resellers. Requires ticket brokers and resellers to disclose the registered name and city of the event venue; that the brokers is not the box or office or a licensed agent; that lost and stolen tickets may only be reissued by the brokers or resellers; whether it is registered under this act; it’s refund policy, name and contact information. Additionally, the broker or reseller must guarantee a full refund if the ticket does not grant admission or if the event is canceled and not rescheduled.
Landlords Accumulated Interest (HB 1319/PA 99-0253): Provides that the lessor shall, within 30 days after the end of each 12-month rental period, pay to the lessee any interest that has accumulated to an amount of $5 or more, unless the lessee is in default under the terms of the lease. All accumulated interest that remains unpaid, regardless of the amount, must be paid over to the lessee upon termination of the tenancy.
Mechanics Liens: Substitution of Bond (HB 2635/PA 99-0178): Amends the Mechanic’s Lien Act to establish a process for a property owner to substitute a surety bond for a mechanic’s lien on the property, thus enabling the property owner to sell or refinance the property.
Property Tax Fraud Alert (HB 3672/PA 99-0075): Standardizes the process for property owners to sign up for Cook County’s property fraud alert system. Requires real estate professionals to register with the recorder’s office before filing on behalf of property owners. Preempts home rule.
Power of Attorney (SB 159/PA 99-0328): Makes technical changes to the Illinois Power of Attorney Act relative to health-care powers of attorney.
Property Tax Complaints (HB 2554/PA 99-0098): Amends the Property Tax Code to provide more detailed instruction for all parties involved during the Property Tax Board of Review complaint procedure, outside of Cook County.
Reverse Mortgage Act (SB 1440/PA 99-0331): Creates the Reverse Mortgage Act by rewriting the entire reverse mortgage law. Consolidates duplicative and sometime conflicting state laws regarding reverse mortgages.
Here is a link to more new laws and changes for 2016.
http://www.fox32chicago.com/news/local/59636451-story
All the best to everyone in 2016!
Mark B. Grzymala, President
mark@grzymalalaw.com
