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Requires HOA fee disclosures in residential real estate ads and MLS listings, detailing the nature and cost of HOA fees to boost upfront buyer transparency.
Requires HOA fee disclosures in residential real estate ads and MLS listings, detailing the nature and cost of HOA fees to boost upfront buyer transparency.
Note: Although the bill caption references the State Board of Towing, the text amends the Real Estate License Act of 2000 (225 ILCS 454/10‑30) and concerns real estate advertising.
HB 3186 would add a transparency requirement to Illinois real estate advertising rules: when residential property that is part of a homeowner's association (HOA) is advertised, the ad (including any MLS listing used in the advertising) must disclose information about the nature and cost of the HOA fees. The overall intent is to ensure potential buyers see HOA fee information up front in online and other marketing materials.
If enacted, HB 3186 would increase upfront transparency about HOA obligations in listings and ads, likely reducing buyer surprises and complaints about recurring fees. It will require brokers and MLSs to adjust listing practices and could generate compliance questions about what constitutes adequate disclosure (e.g., monthly vs. annual amounts, special assessments, fee variability).
Compiled from official sources — confirm details with the bill’s official record.
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