Bill Text: IL SB1114 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Amends the Security Deposit Return Act. Makes a technical change in a Section concerning a transferee's liability for a security deposit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [SB1114 Detail]
Download: Illinois-2011-SB1114-Introduced.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Security Deposit Return Act is amended by | |||||||||||||||||||
5 | changing Section 1.1 as follows:
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6 | (765 ILCS 710/1.1) (from Ch. 80, par. 101.1)
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7 | Sec. 1.1.
In the
the event of a sale, lease, transfer or | |||||||||||||||||||
8 | other direct or indirect
disposition of residential real | |||||||||||||||||||
9 | property, other than to the holder
of a lien interest in such | |||||||||||||||||||
10 | property, by a lessor who has received a security
deposit or | |||||||||||||||||||
11 | prepaid rent from a lessee, the transferee of such property | |||||||||||||||||||
12 | shall
be liable to that lessee for any security deposit, | |||||||||||||||||||
13 | including statutory interest,
or prepaid rent which the lessee | |||||||||||||||||||
14 | has paid to the transferor. Transferor
shall remain jointly and | |||||||||||||||||||
15 | severally liable with the transferee to the lessee
for such | |||||||||||||||||||
16 | security deposit or prepaid rent. | |||||||||||||||||||
17 | (Source: P.A. 81-1525.)
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