Bill Amendment: IL SB3437 | 2019-2020 | 101st General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: MANUFACTURED HOMES-REFINANCING

Status: 2021-01-13 - Session Sine Die [SB3437 Detail]

Download: Illinois-2019-SB3437-Senate_Amendment_001.html

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Sen. Laura M. Murphy

Filed: 3/4/2020

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AMENDMENT TO SENATE BILL 3437
AMENDMENT NO. ______. Amend Senate Bill 3437 by replacing
everything after the enacting clause with the following:
"Section 5. The Consumer Fraud and Deceptive Business
Practices Act is amended by adding Section 2WWW as follows:
(815 ILCS 505/2WWW new)
Sec. 2WWW. Disclosure requirements for manufactured homes.
(a) A lender, or agent of a lending company, when offering
terms for a mortgage note for the purchase of a manufactured
home, shall disclose:
(1) any affiliation between the landlord and the
lending company;
(2) that the loan is a chattel loan;
(3) that the terms of a chattel loan prohibit
refinancing; and
(4) any other reason that prohibits refinancing.

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(b) A violation of this Section constitutes an unlawful
practice within the meaning of this Act.".