Synopsis As Introduced Amends the Mortgage Foreclosure Article of the Code of Civil Procedure. Provides that provisions concerning an additional fee paid by residential foreclosure plaintiffs are operative until January 1, 2020 (instead of January 1, 2018). Provides that provisions concerning an additional fee paid by purchasers at a judicial sale are operative and become inoperative on January 1, 2020 (instead of January 1, 2017). Repeals the Section on March 2, 2020 (instead of March 2, 2017). Provides that specified actions taken before the effective date of the amendatory Act are ratified, validated, and confirmed. Effective immediately.
Housing Affordability Impact Note (Housing Development Authority)
This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence.
Fiscal Note (Housing Development Authority)
Since we are unable to determine the exact amount of filings in a given month/year, we are unable to provide exact revenue amounts. The estimates are based on 4% of average amounts received both monthly and annually based on the last two fiscal years for both Abandoned Residential Property Municipality Relief Fund and the Foreclosure Prevention Program Graduated Fund.
Home Rule Note (Dept. of Commerce & Economic Opportunity)
This bill does not pre-empt home rule authority.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
This bill does not create a State mandate.
Judicial Note (Admin Office of the Illinois Courts)
This bill would neither increase nor decrease the number of judges needed in the State.