Sen. Laura M. Murphy
Filed: 4/13/2021
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 1779




2    AMENDMENT NO. ______. Amend Senate Bill 1779, AS AMENDED, 
3by replacing everything after the enacting clause with the 
4following:


 
5    "Section 5. The Consumer Fraud and Deceptive Business 
6Practices Act is amended by adding Section 2WWW as follows:
 
7    (815 ILCS 505/2WWW new)
8    Sec. 2WWW. Disclosure requirements for manufactured homes.  
9    (a) A lender, or agent of a lending company, when offering 
10terms for a mortgage note for the purchase of a manufactured 
11home, as defined in the Mobile Home Park Act, that has not been 
12caused to be deemed to be real property by satisfying the 
13requirements of the Conveyance and Encumbrance of Manufactured 
14Homes as Real Property and Severance Act, shall disclose:
15        (1) any affiliation between the landlord and the 
16    lending company;
 
 
10200SB1779sam003- 2 -LRB102 14620 KTG 25008 a

1        (2) that the loan is a chattel loan;
2        (3) that the terms of a chattel loan prohibit 
3    refinancing;
4        (4) that, depending on where the consumer affixes the 
5    manufactured home (be it property owned by  the consumer or 
6    on certain types of leased land), the manufactured home 
7    may qualify as real property under the Conveyance and 
8    Encumbrance of Manufactured Homes as Real Property and 
9    Severance Act; and
10        (5) any other reason that prohibits refinancing. 
11    (b) A violation of this Section constitutes an unlawful 
12practice within the meaning of this Act.".