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| | SB1779 Engrossed | | LRB102 14620 JLS 19973 b |
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| 1 | | AN ACT concerning business.
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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 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, as defined in the Mobile Home Park Act, that has not been |
| 11 | | caused to be deemed to be real property by satisfying the |
| 12 | | requirements of the Conveyance and Encumbrance of Manufactured |
| 13 | | Homes as Real Property and Severance Act, shall disclose: |
| 14 | | (1) any affiliation between the landlord and the |
| 15 | | lending company; |
| 16 | | (2) that the loan is a chattel loan; |
| 17 | | (3) that the terms of a chattel loan prohibit |
| 18 | | refinancing; |
| 19 | | (4) that, depending on where the consumer affixes the |
| 20 | | manufactured home (be it property owned by the consumer or |
| 21 | | on certain types of leased land), the manufactured home |
| 22 | | may qualify as real property under the Conveyance and |
| 23 | | Encumbrance of Manufactured Homes as Real Property and |