Bill Text: IL HB3751 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Amends the Illinois Worker Adjustment and Retraining Notification Act. Provides that, if an employer orders a mass layoff, relocation, or employment loss and fails to notify employees, then an employee shall be allowed to suspend interest payments on a home mortgage for 180 days and then pay the deferred interest in equal installments over the remaining term of the mortgage loan.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB3751 Detail]
Download: Illinois-2009-HB3751-Introduced.html
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1 | AN ACT concerning employment.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Worker Adjustment and
Retraining | |||||||||||||||||||
5 | Notification Act is amended by adding Section 42 as follows:
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6 | (820 ILCS 65/42 new) | |||||||||||||||||||
7 | Sec. 42. Suspension of employee's mortgage interest | |||||||||||||||||||
8 | payments. | |||||||||||||||||||
9 | (a) Notwithstanding any other law to the contrary, if an | |||||||||||||||||||
10 | employer fails to give notice as required by paragraph (1) of | |||||||||||||||||||
11 | subsection (a) of Section 10, then a person who is domiciled in | |||||||||||||||||||
12 | this State and who is an employee entitled to notice may | |||||||||||||||||||
13 | secure, if a request is made within 180 days after the order of | |||||||||||||||||||
14 | mass layoff, relocation, or employment loss, a suspension of | |||||||||||||||||||
15 | the payment of interest on a mortgage loan that was secured by | |||||||||||||||||||
16 | the person, or the person and another person jointly, before | |||||||||||||||||||
17 | the date of the order. | |||||||||||||||||||
18 | (b) A person may make a request under subsection (a) by | |||||||||||||||||||
19 | mailing a written request to the mortgagee. The request must | |||||||||||||||||||
20 | include: (i) a statement, supported by documentation, that on a | |||||||||||||||||||
21 | specified date a mass layoff, relocation, or employment loss | |||||||||||||||||||
22 | was ordered by an employer and (ii) an affidavit stating that | |||||||||||||||||||
23 | the person is an employee entitled to notice from that employer |
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1 | and further that the person is a mortgagor of the mortgage loan | ||||||
2 | with respect to which the request is being made. Upon receipt | ||||||
3 | of the request with the required information, the mortgagee | ||||||
4 | shall grant a suspension of the payment of interest, effective | ||||||
5 | as of the date of the order. The suspension shall remain in | ||||||
6 | effect for 180 days after the date of the order, and interest | ||||||
7 | that was incurred during that time shall be paid, after the | ||||||
8 | expiration of the suspension, in equal installments over the | ||||||
9 | remaining term of the mortgage loan. | ||||||
10 | (c) Nothing in this Section affects the payment of loan | ||||||
11 | principal, escrow, or other fees that are required by the | ||||||
12 | mortgage loan agreement. | ||||||
13 | (d) As used in this Section: | ||||||
14 | "Mortgagee" means the holder of a mortgage loan. | ||||||
15 | "Mortgage loan" means a loan made to a natural person or | ||||||
16 | persons to whom credit is offered or extended primarily for | ||||||
17 | personal, family, or household purposes that is secured by a | ||||||
18 | mortgage constituting a lien upon real property located in this | ||||||
19 | State on which there is erected or to be erected a structure | ||||||
20 | that is the primary residence of the natural person or persons, | ||||||
21 | containing one to 6 dwelling units, a portion of which may be | ||||||
22 | used for nonresidential purposes, in the making of which the | ||||||
23 | mortgagee relies primarily upon the value of the mortgaged | ||||||
24 | property.
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