Bill Title: Amends the Condominium Property Act. Provides that notwithstanding any provision in any condominium instrument or bylaw, a condominium association must not: impair or restrict a condominium unit owner from securing a reverse mortgage, so long as the reverse mortgage does not adversely affect the rights of an association to collect an assessment; prevent, impair, or restrict a unit owner from borrowing money on the unit by refusing to cooperate with a lender or any federal program; or levy a fee to process or to close on a reverse mortgage or other similar financing transaction.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Failed) 2013-01-08 - Session Sine Die
[SB3407 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2012-02-07 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois SB3407 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois SB3407 currently on file. |
