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Sen. Laura M. Murphy
Filed: 3/4/2020
| | 10100SB3437sam001 | | LRB101 19899 JLS 71059 a |
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| 1 | | AMENDMENT TO SENATE BILL 3437
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3437 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Consumer Fraud and Deceptive Business |
| 5 | | Practices Act is amended by adding Section 2WWW as follows:
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| 6 | | (815 ILCS 505/2WWW new) |
| 7 | | Sec. 2WWW. Disclosure requirements for manufactured homes. |
| 8 | | (a) A lender, or agent of a lending company, when offering |
| 9 | | terms for a mortgage note for the purchase of a manufactured |
| 10 | | home, shall 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. |