IL SB0138 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 5-0)
Status: Enrolled on May 27 2019 - 75% progression
Action: 2019-06-25 - Sent to the Governor
Text: Latest bill text (Enrolled) [HTML]

Summary

Amends the Mortgage Foreclosure Article of the Code of Civil Procedure in relation to short sales of property. Provides that, if an offer to purchase either a mortgage or residential property is made by an entity with a tax-exempt filing status under Section 501(c)(3) of the Internal Revenue Code for the purpose of reselling that mortgage or residential property to the mortgagor, and financing for the repurchase will be provided by a certified community development financial institution, an affidavit, statement, agreement, or addendum limiting ownership or occupancy of the residential property by the mortgagor shall not provide a basis to avoid a sale or transfer, nor is it enforceable against the acquiring entity or any real estate broker, mortgagor, or settlement agent named in the affidavit, statement, agreement, or addendum. Provides that, at the time of an offer, specified disclosures shall be made to the mortgagee in connection with any purchase of a sale. Provides that, upon request by the mortgagee, a certified community development financial institution shall provide documentation evidencing its current certification status. Effective immediately.

Tracking Information

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Title

CIV PRO-SHORT SALE RESALE

Sponsors


Roll Calls

2019-05-27 - House - Third Reading in House (Y: 111 N: 5 NV: 2 Abs: 0) [PASS]
2019-03-27 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]

History

DateChamberAction
2019-06-25SenateSent to the Governor
2019-05-27SenatePassed Both Houses
2019-05-27HouseThird Reading - Short Debate - Passed 111-005-000
2019-05-27HousePlaced on Calendar Order of 3rd Reading - Short Debate
2019-05-23HouseHeld on Calendar Order of Second Reading - Short Debate
2019-05-23HouseSecond Reading - Short Debate
2019-05-23HousePlaced on Calendar 2nd Reading - Short Debate
2019-05-23HouseDo Pass / Short Debate Executive Committee; 013-000-000
2019-05-22HouseMotion to Suspend Rule 21 - Prevailed
2019-05-22HouseMotion Filed to Suspend Rule 21 Executive Committee; Rep. Gregory Harris
2019-05-22HouseFinal Action Deadline Extended-9(b) May 31, 2019
2019-05-22HouseAssigned to Executive Committee
2019-05-10HouseRule 19(a) / Re-referred to Rules Committee
2019-05-09HouseAdded Alternate Chief Co-Sponsor Rep. Arthur Turner
2019-04-09HouseAssigned to Executive Committee
2019-03-27HouseReferred to Rules Committee
2019-03-27HouseFirst Reading
2019-03-27HouseChief House Sponsor Rep. Curtis J. Tarver, II
2019-03-27HouseArrived in House
2019-03-27SenateThird Reading - Passed; 053-000-000
2019-03-20SenatePlaced on Calendar Order of 3rd Reading March 21, 2019
2019-03-20SenateSecond Reading
2019-03-13SenatePlaced on Calendar Order of 2nd Reading March 14, 2019
2019-03-13SenateDo Pass as Amended Financial Institutions; 007-000-000
2019-03-13SenateSenate Committee Amendment No. 1 Adopted
2019-03-06SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
2019-03-06SenatePostponed - Financial Institutions
2019-03-04SenateSenate Committee Amendment No. 1 Referred to Assignments
2019-03-04SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
2019-02-08SenateAdded as Chief Co-Sponsor Sen. Don Harmon
2019-01-31SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
2019-01-30SenateAssigned to Financial Institutions
2019-01-29SenateReferred to Assignments
2019-01-29SenateFirst Reading
2019-01-29SenateFiled with Secretary by Sen. Jacqueline Y. Collins

Code Citations

ChapterArticleSectionCitation TypeStatute Text
735515-1401.1Amended CodeCitation Text

Illinois State Sources


Bill Comments

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