The Illinois Consumer Fraud Act protects buyers from:
Question & Answer
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High property taxes
High property taxes are determined by local taxing districts and assessed values under the Illinois Property Tax Code (35 ILCS 200/1 et seq.) — they are a governmental function, not a business practice that can be regulated by a consumer fraud statute.
Deceptive practices in real estate transactions
Increasing interest rates
Increasing interest rates are set by lenders and ultimately influenced by Federal Reserve monetary policy — they are market-driven financial instruments outside the scope of state consumer fraud law, which targets deceptive conduct by businesses rather than market forces.
Market value fluctuations
Market value fluctuations are a natural consequence of supply and demand in real estate markets and are not actionable under consumer fraud law unless a seller or agent made a specific fraudulent misrepresentation about future value — general market changes are not deceptive practices.
Why is this correct?
The Illinois Consumer Fraud and Deceptive Business Practices Act (815 ILCS 505/2) explicitly prohibits 'unfair or deceptive acts or practices, including but not limited to the use or employment of any deception, fraud, false pretense, false promise, misrepresentation or the concealment, suppression or omission of any material fact' in the conduct of trade or commerce — which Illinois courts have consistently held includes real estate transactions. The Act provides buyers with a private right of action for damages, attorney's fees, and in some cases punitive damages, making it a significant deterrent against deceptive real estate practices. Illinois courts, including in Siegel v. Levy Organization Development Co., have applied the Act to real estate developers and agents who made misleading statements about properties.
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