2023 Illinois Compiled Statutes › Chapter 765 - PROPERTY › 765 ILCS 730/ - Rent Concession Act.

(765 ILCS 730/0.01) (from Ch. 80, par. 40.9)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Rent Concession Act.
(Source: P.A. 86-1324.)
(765 ILCS 730/1) (from Ch. 80, par. 41)
Sec. 1. 
		
		That the purpose of this Act is to regulate the prevalent practice
of making or using written leases of real estate, which, because of
concessions to the lessees, do not truly state the real net rent being
paid, it being recognized that such practice can be, and frequently is,
used to mislead prospective purchasers and lessees, and lenders of money on
the security of such real estate, into a belief that the rental value or
market value thereof is greater than it really is.
(Source: Laws 1925, p. 457.)
(765 ILCS 730/2) (from Ch. 80, par. 42)
Sec. 2. 
		
		A rent concession is made, within the meaning of this Act, when, in
case of a written lease of real estate or a part thereof, the lessor before
or at the time the lease or any agreement therefor is entered into, and in
consideration of such lease or agreement therefor, directly or indirectly,
gives, or agrees or promises to give, to the lessee, without express
mention thereof in the lease, any of the following: (1) any credit upon the
rent reserved by the lease between the parties, or rebate of such rent or
any part thereof after payment thereof by the lessee, or (2) the right,
privilege or license to occupy the leased premises for a period other than
the term created by the lease, rent free or for a rent less than the
average rent fixed by the lease for the entire term, or (3) any other
valuable thing, right or privilege. Repairing and decorating the leased
premises by the lessor shall not be deemed a rent concession. An agreement by a
lessor to waive any of the terms or conditions of the lease other than those
relating to the payment of rent shall not be deemed a rent concession.
(Source: P.A. 88-45.)
(765 ILCS 730/3) (from Ch. 80, par. 43)
Sec. 3. 
		
		When a rent concession shall be made in the case of any lease
hereafter entered into, it shall be the duty of the lessor, at the time or
immediately after the lease is made, to cause such lease to bear a legend
across the face and text thereof plainly legible and in letters not less
than one-half inch in height consisting of the words "Concession Granted,"
and to bear a memorandum on the margin or across the face of such lease
stating the amount or extent and nature of each such concession, and any
failure on the part of a lessor so to do shall be unlawful and a violation
of this Act.
(Source: Laws 1925, p. 457.)
(765 ILCS 730/4) (from Ch. 80, par. 44)
Sec. 4. 
		
		When a rent concession shall have been made in the case of any
lease heretofore or hereafter entered into, it shall be unlawful and a
violation of this Act for any person knowing of such concession, to exhibit
such lease to any purchaser or lessee or prospective purchaser or lessee of
real estate, any part of which is covered by the lease, or to any lender of
money, or prospective lender of money on such real estate or any part
thereof as security, unless such lease shall bear the legend and memorandum
required by section 3 hereof in the case of leases heretofore made.
(Source: Laws 1925, p. 457.)
(765 ILCS 730/5) (from Ch. 80, par. 45)
Sec. 5. 
		
		The terms "lessor," "lessee" and "person" as used herein shall
include the plural thereof and shall include corporations.
(Source: Laws 1925, p. 457.)
(765 ILCS 730/5a) (from Ch. 80, par. 46)
Sec. 5a. 
		
		The provisions of this Act shall have no application to farm or
agricultural property, or property used as such, nor to any leases or
evidences of leasing executed relative thereto.
(Source: Laws 1925, p. 457.)
(765 ILCS 730/6) (from Ch. 80, par. 47)
Sec. 6. 
		
		Any person or corporation violating the provisions of this Act, by
using or exhibiting to any person, persons or corporation any written lease
or other written evidence of leasing, not having endorsed thereon any and
all concessions as herein provided, for the purpose of selling or effecting
a sale of the premises in question or a loan thereon, shall be deemed
guilty of a Class A misdemeanor.
(Source: P.A. 77-2701.)