IL SB0138 | 2019-2020 | 101st General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 5-0)
Status: Passed on August 16 2019 - 100% progression
Action: 2019-08-16 - Public Act . . . . . . . . . 101-0396
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 5-0)
Status: Passed on August 16 2019 - 100% progression
Action: 2019-08-16 - Public Act . . . . . . . . . 101-0396
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Mortgage Foreclosure Article of the Code of Civil Procedure in relation to short sales of property. Provides that, if an offer to purchase either a mortgage or residential property is made by an entity with a tax-exempt filing status under Section 501(c)(3) of the Internal Revenue Code for the purpose of reselling that mortgage or residential property to the mortgagor, and financing for the repurchase will be provided by a certified community development financial institution, an affidavit, statement, agreement, or addendum limiting ownership or occupancy of the residential property by the mortgagor shall not provide a basis to avoid a sale or transfer, nor is it enforceable against the acquiring entity or any real estate broker, mortgagor, or settlement agent named in the affidavit, statement, agreement, or addendum. Provides that, at the time of an offer, specified disclosures shall be made to the mortgagee in connection with any purchase of a sale. Provides that, upon request by the mortgagee, a certified community development financial institution shall provide documentation evidencing its current certification status. Effective immediately.
Title
CIV PRO-SHORT SALE RESALE
Sponsors
Sen. Jacqueline Collins [D] | Sen. Iris Martinez [D] | Sen. Don Harmon [D] | Rep. Curtis Tarver [D] |
Rep. Arthur Turner [D] |
Roll Calls
2019-05-27 - House - Third Reading in House (Y: 111 N: 5 NV: 2 Abs: 0) [PASS]
2019-03-27 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
2019-03-27 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2019-08-16 | Senate | Public Act . . . . . . . . . 101-0396 |
2019-08-16 | Senate | Effective Date August 16, 2019 |
2019-08-16 | Senate | Governor Approved |
2019-06-25 | Senate | Sent to the Governor |
2019-05-27 | Senate | Passed Both Houses |
2019-05-27 | House | Third Reading - Short Debate - Passed 111-005-000 |
2019-05-27 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
2019-05-23 | House | Held on Calendar Order of Second Reading - Short Debate |
2019-05-23 | House | Second Reading - Short Debate |
2019-05-23 | House | Placed on Calendar 2nd Reading - Short Debate |
2019-05-23 | House | Do Pass / Short Debate Executive Committee; 013-000-000 |
2019-05-22 | House | Motion to Suspend Rule 21 - Prevailed |
2019-05-22 | House | Motion Filed to Suspend Rule 21 Executive Committee; Rep. Gregory Harris |
2019-05-22 | House | Final Action Deadline Extended-9(b) May 31, 2019 |
2019-05-22 | House | Assigned to Executive Committee |
2019-05-10 | House | Rule 19(a) / Re-referred to Rules Committee |
2019-05-09 | House | Added Alternate Chief Co-Sponsor Rep. Arthur Turner |
2019-04-09 | House | Assigned to Executive Committee |
2019-03-27 | House | Referred to Rules Committee |
2019-03-27 | House | First Reading |
2019-03-27 | House | Chief House Sponsor Rep. Curtis J. Tarver, II |
2019-03-27 | House | Arrived in House |
2019-03-27 | Senate | Third Reading - Passed; 053-000-000 |
2019-03-20 | Senate | Placed on Calendar Order of 3rd Reading March 21, 2019 |
2019-03-20 | Senate | Second Reading |
2019-03-13 | Senate | Placed on Calendar Order of 2nd Reading March 14, 2019 |
2019-03-13 | Senate | Do Pass as Amended Financial Institutions; 007-000-000 |
2019-03-13 | Senate | Senate Committee Amendment No. 1 Adopted |
2019-03-06 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions |
2019-03-06 | Senate | Postponed - Financial Institutions |
2019-03-04 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
2019-03-04 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins |
2019-02-08 | Senate | Added as Chief Co-Sponsor Sen. Don Harmon |
2019-01-31 | Senate | Added as Chief Co-Sponsor Sen. Iris Y. Martinez |
2019-01-30 | Senate | Assigned to Financial Institutions |
2019-01-29 | Senate | Referred to Assignments |
2019-01-29 | Senate | First Reading |
2019-01-29 | Senate | Filed with Secretary by Sen. Jacqueline Y. Collins |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
735 | 5 | 15-1401.1 | Amended Code | Citation Text |