The Illinois Receivership Act Explained

The Illinois Receivership Act: what you need to know

The Illinois Receivership Act was recently signed into law on August 1, 2025, creating a new standardized legal framework for how receivers are appointed and operate in Illinois. For property owners, lenders, real estate professionals, and property managers, this act brings clarity to a process that previously varied widely between courtrooms and situations.

This blog explains what the Illinois Receivership Act is, why it matters, and what property stakeholders should know when the act goes into effect on January 1, 2026, giving property managers and owners several months to prepare.

What Is a Receivership?

A receivership is a court-ordered process where a neutral third party, called a receiver, is appointed to temporarily manage a property. The goal is to protect and preserve the asset when it’s at risk due to financial distress, foreclosure, or mismanagement.

Receivers step in when:

• A property is in foreclosure or behind on payments.

• Owners fail to maintain the building or collect rents.

• Disputes between stakeholders put the property’s value at risk.

Once appointed, the receiver takes over daily operations such as collecting rent, paying expenses, making repairs, and ensuring the property doesn’t lose value. Unlike an owner or lender, the receiver acts under court supervision and in the best interests of all parties involved.

What Does the Illinois Receivership Act Do?

In short, the Illinois Receivership Act (HB0028) provides much-needed clarity on when receivers can be appointed, what powers they hold, and how they are supervised by the court. By creating consistency in law across the state, the Act reduces uncertainty for lenders and investors, while ensuring properties in distress are properly maintained and protected.

The Act streamlines receiverships statewide by setting clear standards for when a receiver can be appointed, what powers they hold, and how they must report to the court. This consistency benefits lenders, owners, and property managers alike. The main changes and takeaways of The Illinois Receivership Act include:

• Uniform Rules Statewide: all courts now follow the same standards when deciding if a receiver should be appointed.

• Defined Powers of Receivers: receivers can collect rents, pay expenses, make repairs, and, with court approval, lease or sell property.

• Accountability Measures: receivers must file reports, account for income/expenses, and act in the best interests of all parties.

• Borrowing Authority: Receivers can secure financing (receiver’s certificates) with court approval to stabilize properties.

• Lien Priority Clarity: the law explains how receiver’s liens are ranked, giving lenders more predictability.

• Applies to All Property Types: from commercial buildings to residential properties in distress.

Why the Illinois Receivership Act Matters

For years, Illinois courts handled receivership petitions under a confusing set of court practices and scattered, inconsistent regulations. That meant outcomes could vary widely depending on the county or, in some cases, even the judge. The new Illinois Receivership Act changes that by creating a clear, statewide framework that benefits property owners, lenders, and managers alike. 

The Illinois Receivership Act:

• Creates predictability for lenders and investors.

• Provides transparency for property owners.

• Gives property managers and receivers a clear rulebook for their duties.

• Helps preserve property value, preventing distressed real estate from falling into disrepair.

For different stakeholder groups, the impact looks a little different:

• Property Owners: If your property falls into receivership, understand that the receiver’s role is not to punish you but to preserve the asset under court supervision.

• Lenders: The Act gives you a stronger and clearer pathway to request receivership when collateral is at risk.

• Property Managers/Receivers: This law codifies best practices, ensuring accountability and expanding tools to stabilize troubled assets.

The Illinois Receivership Act creates a structured, predictable process that benefits courts, lenders, owners, and property managers alike. By setting consistent standards for receivership appointments and operations, it provides greater certainty for all parties involved.

At PRG Management, our Chicago property management team specializes in handling distressed assets, court-appointed receiverships, and managing successful property stabilizations. Do you have questions about the Illinois Receivership Act and what it means for your building? Contact PRG Management today to speak with a Chicago property management expert and discover how we can assist you under the Illinois Receivership Act.

Now Managing: Sheridan Square | 668-72 W. Sheridan Road; 3915-17 N. Pine Grove

PRG Management Now Manages Sheridan Square in Lakeview

PRG Management is happy to announce the addition of Sheridan Square, located at 668-72 W. Sheridan Road, 3915-17 N. Pine Grove in Chicago, IL 60613, to our growing Chicagoland property management portfolio. Sheridan Square joins our expanding presence in the Lakeview neighborhood as part of our ongoing commitment to preserving and elevating Chicago’s historic multifamily buildings.

Sheridan Square

Sheridan Square is a 15-unit community with a distinctive pre-war charm that blends the classic Chicago charm with essential modern conveniences. This features a wide mix of expansive units, positioned just blocks from Lake Michigan, residents enjoy quick access to the lakefront trail, express buses, CTA Red Line, and all the energy of Lakeview’s vibrant dining and nightlife.

Defined by its ivy-covered brick façade, original architectural details, and a lush central courtyard, Sheridan Square retains the character of a classic Chicago apartment building. Inside, amenities include secure entry, on-site laundry, and professionally managed common areas, all maintained with the responsive care that PRG Management is known for.

Comprehensive Chicago Property Management Solutions

At PRG Management, we take a proactive and detail-oriented approach to managing Sheridan Square Apartments. Our team delivers a full range of Chicago property management services, including leasing and tenant management, preventative maintenance scheduling, vendor coordination, and thorough financial reporting tailored to owner needs.

For both owners and residents, we offer easy access to our online portal, allowing them to submit maintenance requests, view lease documents, and communicate with management at their convenience. By combining operational efficiency with personalized service, we ensure that Sheridan Square remains a well-run, desirable place to live and a high-performing asset for ownership.

About PRG Management

PRG Property Management is a full-service Chicago property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. PRG Management offers a broad range of Chicago property management services for landlords and investment properties that prioritize maximizing your income and minimizing your headaches.

If you’re interested in stress-free Chicago property management, contact us today for a free proposal and more information on our HOA & condo management services.

Chicago Heat Ordinance: What Landlords and Tenants Need to Know

Chicago winters are long and unforgiving, which is why the city enforces strict heating requirements through the Chicago Heat Ordinance. This law protects residents from unsafe living conditions while holding landlords accountable for maintaining adequate heat. Both landlords and tenants benefit from understanding the rules: landlords avoid steep fines and disputes, while tenants know their rights and what to do if those rights aren’t met.

What Landlords Need to Know

If you own or manage property in Chicago, compliance with the Chicago Heat Ordinance is non-negotiable. The Chicago Heat Ordinance rules set forth are clear:

• Heat season: lasts from September 15 until June 1.

• Daytime requirement (8:30 am – 10:30 pm): At least 68°F

• Overnight requirement (10:30 pm – 8:30 am): At least 66°F

• Habitable Spaces: in houses, apartments, hotel rooms, and indoor workspaces, heat be provided in all habitable spaces, toilet rooms, and bathrooms

• How to Provide Heat: Use permanent systems such as boilers, furnaces, radiators, or heat pumps. Portable heaters, ovens, and fireplaces are not acceptable for compliance.

• Two-Pipe Systems: Buildings with two-pipe heating systems may operate at a transitional minimum of 64°F during early fall and late spring as systems switch between heating and cooling.

The consequences for failing to provide heat are costly. Landlords may be fined $500 to $1,000 per day, per violation, and the city does not accept excuses for system breakdowns. Preventive maintenance and fast response times are essential.

Working with a professional Chicago property management company like PRG Management can help landlords stay ahead of inspections, schedule seasonal tune-ups, and avoid the stress of emergency repairs.

What Tenants Need to Know

For tenants, the heat ordinance provides a clear standard for comfort and safety. You are entitled to a unit that meets the city’s minimum temperature requirements throughout the entire heat season. If your apartment’s temperature falls below the mandated minimum, contact your landlord or property manager right away. If the issue isn’t resolved, call 3-1-1 to file a heat complaint, and a city inspector will investigate and, if necessary, issue violations and fines to the landlord.

Tenants should also remember:

• Heat must come from a permanent heating system, not space heaters, ovens, or fireplaces.

• Landlords are always responsible for providing heat; tenants cannot be required to supply it themselves.

• Indoor temperature is measured three feet above the floor and three feet from exterior walls when verifying compliance.

The Chicago Heat Ordinance: Simplified

The Chicago Heat Ordinance creates a balance; landlords must maintain heat, and tenants must report issues promptly. The ultimate goal is the same for both sides: safe, comfortable, and livable housing during Chicago’s long winter. In its simplest terms, the most important things to remember for both parties are:

• Landlords must maintain required indoor temperatures or face costly penalties.

• Tenants have the right to safe, heated housing and clear pathways to report violations.

At PRG Management, we bridge that gap by ensuring landlords remain compliant while tenants feel supported. From proactive system checks and our 24/7 emergency hotline to transparent tenant communication, we make staying compliant with Chicago’s various tenant-related ordinances simple and effective.

If you’re a Chicago property owner who wants stress-free management or a tenant seeking a reliable property management company, PRG Management is here to help. Contact PRG Management today to keep your buildings compliant, your tenants comfortable, and your investment protected.

Protecting Your Investment: The Importance of Chicago Dark Site Management Services

Vacant properties, often referred to as dark sites, present unique challenges for property owners, investors, and developers. Whether it’s a retail space between tenants, a commercial property awaiting redevelopment, or a residential building in transition, an unoccupied property is vulnerable to risks that can quickly erode its value.

In a city like Chicago, where weather, regulations, and neighborhood dynamics can shift quickly, using professional Dark Site Management Services or vacant property management services isn’t just a safeguard; it’s a smart investment strategy that goes beyond the standard scope of typical Chicago property management.

Why Dark Sites Require Professional Oversight

When a property sits empty, it becomes susceptible to:

• Security threats such as vandalism, theft, or unauthorized entry

• Weather damage, including freeze-thaw cycles, flooding, and roof leaks

• Code violations like unmaintained exterior, unsafe conditions, or expired permits

• System deterioration to plumbing, HVAC, and electrical systems, leading to disrepair

Left unmanaged, these issues can lead to potential costly repairs, decreased property value, and even legal liabilities. That’s why we recommend our Chicago dark site management services to our investment clients, especially during the cold Midwestern winters.

Chicago Market Dark Site Challenges

Owning a vacant property in Chicago means navigating:

• Harsh winter conditions: preventing frozen pipes and structural damage is a major concern for unoccupied spaces.

• Neighborhood security concerns: some areas require increased inspection frequency and/or remote video monitoring systems.

• City compliance requirements: meeting inspection timelines, avoiding fines, and staying up to date on changes to local regulations

• Rapid market shifts: keeping properties ready for quick sale or lease opportunities.

As a team of experienced property managers who live in Chicago, PRG Management understands these local dynamics and tailors our dark site management approach to each property’s unique needs.

Comprehensive Dark Site Management Services

At PRG Management, we act as the eyes, ears, and hands for your vacant property. We strive to deliver peace of mind, knowing that your investment is well looked after and its value is protected in the long term. Our Chicago dark site management services include:

• Regular security inspections and detailed reporting.

• Preventative maintenance & winterization to avoid costly damage.

• Emergency response readiness for weather events or security incidents.

• Vendor coordination for repairs, cleaning, or upgrades.

• Insurance compliance documentation to protect coverage.

• Market readiness preparation so your property is always show-ready for sale or lease.

Our dark site management services are an extension of the professional Chicago property management services we already offer, with an added layer of foresight and protection.

Who Benefits from Dark Site Management?

Our services are trusted by a variety of Chicagoland clients, including:

• Investors managing multiple properties or portfolios.

• Developers awaiting permits or construction start dates.

• Banks & receiverships holding foreclosed or distressed assets.

• HOAs & community managers overseeing common spaces in transition.

Professional Dark Site Management: The PRG Management Advantage

With over $1 billion in assets under management and more than 2,000 units across Chicagoland, PRG Management supports its clients with unmatched local expertise, proven operational systems, and a responsive, highly trained team. We protect your property as if it were our own, ensuring it stays secure, compliant, and ready for its next profitable chapter.

Don’t leave your investment exposed. Contact PRG Management today or by filling out the form below for a Free Dark Site Management Proposal and discover how we can keep your property safe, compliant, and market-ready.

What Is a Receiver and When Is One Needed in Chicago Real Estate?

Understanding the Role of a Receiver in Chicago Real Estate

In the complex world of the Chicago real estate market, not every property stays on a stable course. Disputes, defaults, and mismanagement can push even high-value assets into disarray. When that happens, courts may appoint a receiver to step in. If you’re a lender, property owner, or attorney navigating a troubled asset, understanding when and why Chicago receivership services are used is essential to protecting the property’s value and maintaining compliance.

What Is a Court-Appointed Receivership?

A receiver is a neutral third party designated by a court to temporarily take control of a property. The receiver’s primary responsibility is to preserve, protect, and stabilize the asset during a period of financial distress, legal action, or ownership dispute.

Unlike property managers hired by landlords, receivers act under court authority (often at the request of a lender or creditor) and are accountable to the court throughout the process. Meaning more red tape to navigate that often yields a turned-around, profitable property.

When Is a Receiver Appointed?

In many cases, it’s not just about recovering what’s been lost; it’s about preventing further decline to the property. Receivership in Chicago property management is typically used in situations where a property:

• Is facing foreclosure or loan default

• Has been abandoned or mismanaged by the owner

• Is caught in legal or ownership disputes

• Has outstanding code violations or deferred maintenance

• Is no longer generating income due to tenant loss or leasing issues

What Does a Receiver Do?

Court-appointed receivers take full operational control of the property. This can include:

• Collecting rents and managing leases

• Overseeing day-to-day operations and maintenance

• Hiring vendors and securing the property

• Ensuring code compliance and addressing violations

• Providing regular financial reports to the court

• Stabilizing operations to preserve asset value

In cities like Chicago, where commercial and residential property regulations vary block by block, receivership managers require not only up-to-date legal knowledge but also hyper-local management expertise.

Why Chicago Receivership Services Matters

For lenders and stakeholders, a court-appointed receiver is often the most efficient way to protect an asset during a period of uncertainty. It creates a buffer between ongoing legal proceedings and the practical needs of the property.

For the community, receivership can prevent vacant or neglected buildings from becoming safety risks or neighborhood eyesores, protecting property values and the well-being of residents. For attorneys and creditors, professional receivership services provide the documentation and compliance support needed to navigate complex legal proceedings with confidence.

Chicago’s trusted Receivership services

Receivership isn’t always the first option, but when a property’s value, safety, or income potential is at risk, it can be the right one. Whether you’re a lender concerned about asset protection or a legal professional managing a case with distressed real estate, understanding the receivership process in Chicago is a critical part of making informed, strategic decisions.

That’s why at PRG Management, our Chicago property management team understands the urgency and sensitivity surrounding receivership appointments. Our experienced team is equipped to step in quickly and stabilize distressed properties with precision and transparency. If you're navigating a complex property situation and need insight into how receivership can protect your investment, get in touch to explore how we can help.

How Technology Is Reshaping Facilities Management for Chicago Property Owners

The Digital Shift in Facilities Management

Facilities management used to be all about clipboards, paper logs, and gut instincts. But in today’s age with cutting-edge technology at our fingertips, it’s about data, dashboards, smart systems, and increasingly more - AI. For property owners in a dynamic market like Chicago, this shift isn't just a trend; it’s becoming a necessary standard.

Implementing smart technology in facilities management services enables our Chicago property management teams to operate smarter, respond faster, and maintain better oversight across portfolios of all sizes.

What Smart Facilities Management Looks Like

Modern facilities management platforms do more than schedule maintenance. They create an integrated ecosystem where property performance can be monitored and optimized in real-time in an easy-to-use interface. PRG’s key tech-driven advantages include:

• Automated Work Order Tracking: Log, assign, and resolve maintenance issues with time-stamped documentation and digital records.

• Preventative Maintenance Scheduling: Reduce costly breakdowns with automated alerts and inspections before problems escalate.

• Vendor & Contractor Coordination: Assign work to vendors directly through mobile-friendly platforms, improving accountability and timelines.

• 24/7 Tenant Portals: Allow residents to report issues, check service updates, and access important documentation.

Why It Matters for Chicago Facilities Management

Chicago’s diverse real estate landscape is home to many different properties with just as many needs. From historic multifamily walk-ups and mom and pop landlords to new mixed-use developments and commercial spaces, they all require a unique set of management strategies. This means Chicago property management strategies must be adaptive with their support. Technology helps standardize the quality of care across all property types, while also offering:

• Better Transparency for HOAs & Investors

• Streamlined Turnover Between Leases

• Improved Compliance with City Ordinances

• Increased Tenant Satisfaction and Retention

For owners juggling multiple properties, or just one busy asset, tech-enabled property management provides peace of mind and bottom-line benefits.

The Human Side of Smart Management

While the tools are important, technology is only as effective as the team implementing it. The best results come from combining human expertise with dynamic digital systems, ensuring quick decision-making, intelligent prioritization, and meaningful communication with tenants and stakeholders. 

Technology is no longer a “nice to have” in facilities management; it’s an operational essential. In a fast-moving, competitive city like Chicago, embracing smart property management strategies today sets the stage for smoother operations, stronger returns, and fewer surprises tomorrow.

A Smarter Way to Manage Your Properties

For property owners or investors seeking to modernize operations and eliminate inefficiencies, technology-driven Chicago facilities management is more than a convenience; it’s a strategic investment. At PRG Management, we pair our dedicated Chicago property managers’ local expertise with integrated tools to keep your properties running efficiently, compliantly, and profitably.

If you're exploring ways to streamline maintenance, gain better oversight, or elevate tenant satisfaction, PRG Management is here to help. Get in touch to learn how our Chicago facilities management services can support your property's success in Chicago.

Now Managing: The Mansion on Pine Grove | 3939 N Pine Grove Avenue

PRG Management Now Manages The Mansion on Pine Grove in Lakeview

PRG Management is pleased to announce our newest management assignment: 3939 N Pine Grove Avenue, commonly known as The Mansion on Pine Grove. Located in the heart of Lakeview, one of Chicago’s most beloved neighborhoods, this four-unit building represents a stunning example of historic Chicago residential architecture and continues our growing presence along the Pine Grove corridor.

The Mansion on Pine Grove: 3939 N Pine Grove

Originally built in 1901, this classic masonry stone-front building blends historic elegance with modern functionality. Each of the four high-end luxury residences spans approximately 1,000 square feet, featuring spacious layouts, rich historical architectural details, and a timeless curb appeal.

Set on a quiet, tree-lined street just steps from Belmont Harbor, the lakefront, and Wrigley Field, The Mansion offers residents a rare combination of historic charm and urban convenience. Its unique character, location, and intimate scale make it one of the more distinguished addresses in Lakeview.

Full-Service Chicago HOA Management

At PRG Management, we specialize in delivering comprehensive personalized HOA management services across Chicago. The Mansion on Pine Grove being no different, for this new assignment, our team is implementing a full spectrum of Chicago property management services from routine maintenance and vendor coordination to detailed financial oversight and management of building common areas.

We also leverage state-of-the-art technology to enhance the experience for residents. Our secure online portals provide instant access to billing, maintenance requests & tracking, and communication with property managers at any time. Our goal is to both preserve the integrity of a historic building while also ensuring efficient day-to-day management. We’re committed to providing service that’s both responsive and forward-thinking.

Our Chicago property management team is very excited to be working with another piece of real Chicago history. As this historic property transitions into a new chapter, PRG Management is proud to ensure long-term profitability and preservation for one of Lakeview’s architectural gems with our top-rated Chicago property management services.

About PRG Management

PRG Property Management is a full-service Chicago property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. PRG Management offers a broad range of Chicago property management services for landlords and investment properties that prioritize maximizing your income and minimizing your headaches.

If you’re interested in stress-free Chicago property management, contact us today for a free proposal and more information on our HOA & condo management services.

Now Managing: Shore Crest Apartments | 420 Wrightwood Avenue

PRG Management Now Manages Shore Crest Apartments: 116 units in Lincoln Park

PRG Management is pleased to announce our newest management assignment: Shore Crest Apartments, located at 420 W Wrightwood Avenue in Chicago’s highly sought-after Lincoln Park neighborhood. This 116-unit vintage building, situated along a picturesque, tree-lined street, represents part of a broader management initiative we are proud to undertake along N. Pine Grove Avenue in nearby Lakeview.

Shore Crest Apartments

Constructed in 1921, Shore Crest Apartments holds the aesthetics of classic Chicago architecture. Each of 116 units in the building features updated interiors, including refinished hardwood flooring, granite countertops, stainless steel appliances, and modernized bathrooms, delivering timeless elegance paired with everyday comfort.

Shore Crest boasts a vintage façade, luxurious common areas, and thoughtfully designed upgrades that blend the building’s original character with the modern age. Its architectural integrity and unbeatable location continue to make it one of the most desirable addresses in Lincoln Park, and our Chicago property management team is thrilled to have the opportunity to work with this beautiful building.

Full-Service Chicago Rental Management

At PRG Management, we take a proactive and hands-on approach to Chicago property management. With Shore Crest Apartments, we are delivering a comprehensive suite of rental management services, including leasing management, maintenance coordination, vendor management, and financial reporting for owners. PRG Management focuses on delivering a balance of proven professional services to the building and exceptional support to its residents. For example, our state-of-the-art online portals allow tenants to submit maintenance requests, ask questions, or access important information 24/7.

Currently, the building is undergoing some routine exterior work to preserve its architectural character of the building. Our hands-on management strategy ensures that buildings like Shore Crest Apartments not only maintain their historic beauty and charm but also operate at peak efficiency, providing both owners and tenants with a superior service and a sense of pride in the building & community they live in.

About PRG Management

PRG Property Management is a full-service Chicago property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. PRG Management offers a broad range of Chicago property management services for landlords and investment properties that prioritize maximizing your income and minimizing your headaches.

If you’re interested in stress-free Chicago property management, contact us today for a free proposal and more information on our HOA & condo management services.

Illinois Senate Bill 1563: Squatter Relief for Property Owners, Landlords, & REO Professionals

Illinois Senate Bill 1563: Squatter Relief for Property Owners, Landlords, & REO Professionals

Illinois Senate Bill 1563, widely known as the “Squatter Bill”, has passed both houses and is awaiting Governor JB Pritzker’s approval. This bill is a pivotal shift in how unauthorized occupants, or “squatters,” are managed statewide. As housing challenges evolve statewide, IL SB 1563 addresses long-standing frustrations property owners have faced when dealing with individuals who exploit the legal gray areas to unlawfully occupy homes and rental properties, often without paying any rent.

For Chicago landlords, investors, REO managers, and property managers, this legislation marks a turning point in the rental market. It offers legal clarity while providing more enforcement power and quicker resolution timelines without navigating the often costly and time-consuming eviction courts. Understanding the specifics of IL SB 1563 and its practical applications will help you better protect your Illinois assets and bolster your long-term investment strategy.

What IL SB 1563 Fundamentally Changes

Senate Bill 1563 introduces long-awaited protections for property owners by clarifying the distinction between unlawful occupants (“squatters”) and lawful tenants. The bill reinforces already existing property rights without altering the judicial due process. It simply enables the enforcement of existing criminal laws in clearer, more actionable ways, like allowing police to act decisively when there’s no valid lease. The legislation:

• Affirms that the Illinois Eviction Article does not restrict police from removing criminal trespassers.

• Empowers law enforcement to take immediate action when property owners show legal ownership.

• Criminalizes the use of fraudulent documents or false identity to claim residence in a property.

How SB 1563 Works in Practice

For owners and property managers in Chicago, SB 1563 dramatically simplifies the squatter response process. This new legal path enables Chicago property management companies to expedite turnover processes, reduce vacancy time, and protect clients from losses resulting from adverse possession attempts, lease fraud, and unauthorized occupancy. IL SB 1563 provides a clearer legal process for resolving squatter incidents. These steps include:

1. Owner confirms legal control: typically with a deed, title, or other proof of ownership.

2. Police review on-site documentation: to verify the absence of a lawful tenancy or lease agreement.

3. Trespasser is removed: no civil eviction filing needed, minimizing delays and property damage risk.

4. Property is resecured and reoccupied: typically within days instead of months.

Updated Overview of the Law

IL SB 1563 primarily aims to clarify the existing ambiguities and gray areas in the current law to help restore enforcement authority to local municipalities. This legislative change doesn’t diminish tenant rights, but instead restores a balance by clarifying which situations are considered unlawful occupancy and legal residency. Giving property owners a stronger foundation to act quickly and lawfully while protecting their other tenants. Specifically:

• It updates language in Illinois’ Eviction Article to affirm that criminal trespass enforcement remains valid and enforceable, even if civil eviction is not yet underway.

• The bill targets individuals using forged leases, fraudulent documentation, or identity misrepresentation to delay removal or create confusion over tenancy.

• Supported by both Democratic and Republican lawmakers, the bill passed with overwhelming bipartisan support and now awaits Governor J.B. Pritzker’s expected signature.

IL SB 1563: What Are The Next Steps?

As of June 18th, Illinois SB 1563 has been sent to Gov. JB Pritzker for his approval, the last step in the legislative process. Although he has 60 calendar days to decide, political and real estate leaders in Springfield express strong confidence that Gov. Pritzker will sign the measure. His supporters cite direct engagement with his administration and broad bipartisan backing as clear indicators that the bill is likely to become law.

So if you are a property owner, landlord, or REO professional experiencing squatters in your Chicago investment property and are seeking to file an eviction, now is the time to prepare. IL SB 1563 gives Chicago property management companies like PRG Management the legal authority to act quickly and decisively, allowing the police can take immediate action once proof of ownership is provided, so squatter issues can be resolved almost immediately.

With the new legal framework from IL SB 1563, PRG Management’s experienced Chicago property managers are here to support landlords and property owners with any tenant-related issues affecting your cash flow. With over 2,800 units managed and $1B in assets under care, PRG Management provides customized Chicago property management solutions, including tenant management, compliance oversight, financial reporting, and much more. To talk to a property manager about how IL SB 1563 impacts your properties or tenants, contact PRG Management anytime. Our experienced Chicago property team is happy to answer any questions about your investment and provide a free proposal for services.

Take Action Against Illinois HB3564

TELL YOUR REPS: VOTE NO ON HB3564

A new Illinois housing bill, Illinois HB3564, is now under review in the Illinois Senate and could significantly change how rental housing is managed across Chicago and the state. While supporters promote the legislation as tenant-friendly, industry experts warn that it could lead to fewer available rental units, reduce protections for property owners, and make it harder for investors and landlords to offer quality rental housing in Illinois.

Read more and learn how to take action on PearsonRealtyGroup.com

HB3564: JULY 2025 UPDATE

The bill passed the Illinois Senate in May 2025 and is now awaiting final action from the governor’s office. If signed into law, it would impose new rental regulations, expand tenant rights, and potentially override some aspects of local landlord-tenant ordinances, creating various difficulties for property management companies in Chicago. The legislation has sparked strong reactions from both housing advocates and real estate professionals, with ongoing debate about its long-term impact on housing supply and affordability.

For Chicago property management companies, HB3564 represents a major shift in operational compliance and client guidance. Chicago property managers may need to adjust lease agreements, modify tenant screening procedures, and increase administrative oversight to stay in step with new state-level regulations. The bill also reinforces the growing importance of professional management in navigating legal complexity, especially for out-of-state owners and investors who rely on local Chicago property managers to protect their assets. As a leader in Chicago property management, we are ready to overcome any challenges this brings to the market.