Bill Text: IL SB3437 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Residential Real Property Disclosure Act. Provides that a lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, shall disclose: (1) any affiliation between the landlord and the lending company; (2) that the loan is a chattel loan; (3) that the terms of a chattel loan prohibit refinancing; and (4) any other reason that prohibits refinancing.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3437 Detail]

Download: Illinois-2019-SB3437-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3437 Introduced 2/13/2020, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
765 ILCS 77/36 new
Amends the Residential Real Property Disclosure Act. Provides that a lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, shall disclose: (1) any affiliation between the landlord and the lending company; (2) that the loan is a chattel loan; (3) that the terms of a chattel loan prohibit refinancing; and (4) any other reason that prohibits refinancing.
LRB101 19899 LNS 69420 b
A BILL FOR
SB3437 LRB101 19899 LNS 69420 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Residential Real Property Disclosure Act is
amended by adding Section 36 as follows:
(765 ILCS 77/36 new)
Sec. 36. Disclosure requirements for manufactured homes. A
lender, or agent of a lending company, when offering terms for
a mortgage note for the purchase of a manufactured home, shall
disclose:
(1) any affiliation between the landlord and the
lending company;
(2) that the loan is a chattel loan;
(3) that the terms of a chattel loan prohibit
refinancing; and
(4) any other reason that prohibits refinancing.