Illinois Department of Financial and Professional Regualtion
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Recent News About Illinois Department of Financial and Professional Regualtion
A state appeals court said a Lake County judge erred in overruling an Illinois Department of Financial and Professional Regulation finding that a lawyer was wrong to act as both real estate agent and attorney in a single transaction.
A new legislative proposal would force real estate lawyers in Illinois who also serve as title insurance agents to 'choose which hat they will wear' in a home sale transaction, in a bid to reduce the typical closing costs paid by Illinois homeowners, and bring those costs more in line with the national average. But the proposal has drawn fire from lawyers and their associations, accusing supporters of the bill of unfairly 'scapegoating' lawyers for Illinois' relatively more expensive title insurance costs.
State bureaucrats who regulate real estate appraisers in Illinois have no authority to prosecute property tax lawyers, a Cook County judge has ruled, finding regulators overreached in claiming lawyers violated state appraiser licensing rules by using comparable property values to argue for a lower tax assessment for thieir clients.