Illinois Senate Bill 2438 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on March 19 2009 - 25% progression, died in committee
Action: 2010-03-08 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Code of Civil Procedure by adding an Article that may be cited as the Mortgage Foreclosure Prevention Law of 2009. Provides that an eligible borrower has a right to defer a judicial sale for a specified period by providing an affidavit to the foreclosing lender. When the deferment period ends or the deferment is lost, a lender may schedule a sale by publishing a specified newspaper notice and serving a copy on those on the premises, 4 weeks before the sale. Provides a formula to set the borrower's monthly payment. Provides that a borrower loses the right to deferment if he or she ceases to reside on the premises. Provides for mortgage foreclosure counselors. Provides that a foreclosing lender and a borrower must negotiate in good faith. Provides that a borrower may dispute a deferment cancellation through arbitration. Provides that lenders shall send to borrowers a mandated notice about deferment. Provides that a lender who acts in bad faith or recklessly in violation of these provisions is liable to a person injured for actual damages, statutory damages up to $25,000, punitive damages, costs, and attorney's fees. Makes other changes. Effective 7 days after becoming law.

CIV PRO-FORECLOSURE PREVENTION

Sen. Jacqueline Collins [D]

Sen. Linda Holmes [D]

Date	Chamber	Action
2010-03-08		Rule 3-9(a) / Re-referred to Assignments
2010-03-03		To Financial Institutions Subcommittee on Mortgages
2010-02-10		Added as Chief Co-Sponsor Sen. Linda Holmes
2010-02-10		Assigned to Financial Institutions
2009-03-19		Referred to Assignments
2009-03-19		First Reading
2009-03-19		Filed with Secretary by Sen. Jacqueline Y. Collins

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2438&GAID=10&DocTypeID=SB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/SB/09600SB2438.htm