95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1354


 
Introduced 2/9/2007, by Sen. James F. Clayborne, Jr.
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 200/21-220









    Amends the Property Tax Code. Provides that the registration for a tax sale in a county with less than 3,000,000 inhabitants must be accompanied by a deposit in an amount determined by the county collector, but not to exceed $250 in counties with less than 50,000 inhabitants or $500 in all other counties , which shall be applied to the amount due on the properties that the registrant has purchased, and, if the registrant does not participate in the sale, then the deposit is forfeited to the Tax Sale Automation Fund. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB1354

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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Property Tax Code is amended  by changing 
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Section 21-220 as follows:
 



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    (35 ILCS 200/21-220)



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    Sec. 21-220. Letter of credit or bond in counties of 
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3,000,000 or more;
registration in other counties. In counties 
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with 3,000,000 or more inhabitants,
no person shall make an 
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offer to pay the amount due on any property and the
collector 
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shall not accept or acknowledge an offer from any person who 
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has not
deposited with the collector, not less than 10 days 
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prior to making such offer,
an irrevocable and unconditional 
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letter of credit or such other unconditional
bond payable to 
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the order of the collector in an amount not less than 1.5 times

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the amount of any tax or special assessment due upon the 
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property, provided
that in no event shall the irrevocable and 
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unconditional letter
of credit or such other unconditional bond 
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be in an amount less than $1,000.
The
collector may without 
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notice draw upon the letter of credit or bond in the
event 
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payment of the amount due together with interest and costs 
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thereon is not
made forthwith by the person purchasing any 
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property.  At all times during the
sale, any person making an 
 


 






SB1354
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1
offer or offers to pay the amount or amounts due on
any 
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properties shall maintain the letter of credit or bond with the 
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collector
in an amount not less than 1.5 times the amount due 
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on the properties which he
or she has purchased and for which 
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he or she has not paid.

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    In counties with less than 3,000,000 inhabitants, unless 
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the county board
provides otherwise, no person shall be 
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eligible to bid who did not register
with the county collector 
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at least 10 business days prior to the first day of
sale 
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authorized under Section 21-115. The registration must be 
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accompanied by a deposit in an amount determined by the county 
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collector, but not to exceed $250 in counties of less than 
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50,000 inhabitants or $500 in all other counties, which must be 
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applied to the amount due on the properties that the registrant 
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has purchased.  If the registrant does not participate in the 
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sale by purchasing any parcels offered for sale, then the 
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deposit is forfeited to the Tax Sale Automation Fund 
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established under Section 21-245.


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(Source: P.A. 92-640, eff. 7-11-02.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.