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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:
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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.
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| | A BILL FOR |
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| | SB3437 | | LRB101 19899 LNS 69420 b |
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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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Residential Real Property Disclosure Act is |
| 5 | | amended by adding Section 36 as follows:
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| 6 | | (765 ILCS 77/36 new) |
| 7 | | Sec. 36. Disclosure requirements for manufactured homes. A |
| 8 | | lender, or agent of a lending company, when offering terms for |
| 9 | | a mortgage note for the purchase of a manufactured home, shall |
| 10 | | disclose: |
| 11 | | (1) any affiliation between the landlord and the |
| 12 | | lending company; |
| 13 | | (2) that the loan is a chattel loan; |
| 14 | | (3) that the terms of a chattel loan prohibit |
| 15 | | refinancing; and |
| 16 | | (4) any other reason that prohibits refinancing.
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