Bill Text: IL SB2230 | 2013-2014 | 98th General Assembly | Engrossed
Bill Title: Amends the Property Tax Code. In provisions concerning compulsory sales, provides that the sales are not limited by deed type. Effective immediately.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Failed) 2015-01-13 - Session Sine Die [SB2230 Detail]
Download: Illinois-2013-SB2230-Engrossed.html
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| 1 | AN ACT concerning revenue.
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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 Property Tax Code is amended by changing | ||||||
| 5 | Sections 1-23, 16-65, 16-183, 17-10, and 31-25 as follows:
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| 6 | (35 ILCS 200/1-23) | ||||||
| 7 | Sec. 1-23. Compulsory sale. "Compulsory sale" means (i) the | ||||||
| 8 | sale of real estate for less than the amount owed to the | ||||||
| 9 | mortgage lender or mortgagor, if the lender or mortgagor has | ||||||
| 10 | agreed to the sale, commonly referred to as a "short sale" and | ||||||
| 11 | (ii) the first sale of real estate owned by a financial | ||||||
| 12 | institution as a result of a judgment of foreclosure, transfer | ||||||
| 13 | pursuant to a deed in lieu of foreclosure, or consent judgment, | ||||||
| 14 | occurring after the foreclosure proceeding is complete. | ||||||
| 15 | Compulsory sales are not limited by deed type.
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| 16 | (Source: P.A. 96-1083, eff. 7-16-10.)
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