Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

815 ILCS 505/2Z

from Ch. 121 1/2, par. 262Z

Synopsis As Introduced
Creates the Foreclosure Protection Act. Sets forth the findings of the General Assembly. Sets forth the requirements for foreclosure consulting contracts. Provides for a right of cancellation of foreclosure consulting contracts. Sets forth prohibited acts by foreclosure consultants and criminal penalties. Sets forth standards of unconscionability and specific language requirements for foreclosure consulting contracts. Sets forth certain requirements for equity purchase contracts, including a home owner's right to cancel an equity purchase contract. Provides that a transaction in which a home owner purports to grant a residence in foreclosure to an equity purchaser by an instrument that appears to be an absolute conveyance and reserves to the home owner or is given by the equity purchaser an option to repurchase shall be permitted only when certain conditions have been met. Sets forth prohibited conduct of equity purchasers and criminal penalties. Provides that violations of the Act constitute unfair trade practices subject to penalty under the Consumer Fraud and Deceptive Business Practices Act and amends the Consumer Fraud and Deceptive Business Practices Act to include the violations.

Actions 

Date	Chamber	Action
2/15/2008	House	Filed with the Clerk by Rep. Renée Kosel
2/15/2008	House	First Reading
2/15/2008	House	Referred to Rules Committee
1/13/2009	House	Session Sine Die

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