Illinois § 5-3
Full text of Illinois Illinois Compiled Statutes § 5-3, with citation guidance and answers to common questions.
§ 5-3.
Findings. The General Assembly finds and declares the following: (1) the United States Department of Treasury's Financial Crimes Enforcement Network found, in 2017, that 30% of all high-end real estate purchases in major metropolitan areas involved beneficial owners or purchasers who were the subject of previous suspicious activity reports; (2) the United States, unlike Canada and several other jurisdictions, does not require real estate agents and brokers to file suspicious transaction reports; (3) the lack of beneficial ownership transparency is an important factor in facilitating money laundering in real estate; and (4) money laundering in real estate has negative consequences for local communities, including the dislocation of residents from and within major metropolitan areas. (Source: P.A. 102-1108, eff. 12-21-22.)
Frequently Asked Questions About Illinois § 5-3
What does Illinois Compiled Statutes § 5-3 cover?
Section 5-3 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 5-3?
A common citation format is "Illinois Compiled Statutes § 5-3" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 5-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.