Date	Chamber	Action
1/12/2011	Senate	Session Sine Die

Statutes Amended In Order of Appearance

735 ILCS 5/Art. XV Pt. 18 heading new

735 ILCS 5/15-1801 new

735 ILCS 5/15-1805 new

735 ILCS 5/15-1810 new

735 ILCS 5/15-1815 new

735 ILCS 5/15-1820 new

735 ILCS 5/15-1825 new

735 ILCS 5/15-1830 new

735 ILCS 5/15-1835 new

735 ILCS 5/15-1840 new

Synopsis As Introduced
Amends the Code of Civil Procedure by adding an Article that may be cited as the Mortgage Foreclosure Prevention Law of 2009. Provides that an eligible borrower has a right to defer a judicial sale for a specified period by providing an affidavit to the foreclosing lender. When the deferment period ends or the deferment is lost, a lender may schedule a sale by publishing a specified newspaper notice and serving a copy on those on the premises, 4 weeks before the sale. Provides a formula to set the borrower's monthly payment. Provides that a borrower loses the right to deferment if he or she ceases to reside on the premises. Provides for mortgage foreclosure counselors. Provides that a foreclosing lender and a borrower must negotiate in good faith. Provides that a borrower may dispute a deferment cancellation through arbitration. Provides that lenders shall send to borrowers a mandated notice about deferment. Provides that a lender who acts in bad faith or recklessly in violation of these provisions is liable to a person injured for actual damages, statutory damages up to $25,000, punitive damages, costs, and attorney's fees. Makes other changes. Effective 7 days after becoming law.

Actions 

Date	Chamber	Action
3/19/2009	Senate	Filed with Secretary by Sen. Jacqueline Y. Collins
3/19/2009	Senate	First Reading
3/19/2009	Senate	Referred to Assignments
2/10/2010	Senate	Assigned to Financial Institutions
2/10/2010	Senate	Added as Chief Co-Sponsor Sen. Linda Holmes
3/3/2010	Senate	To Financial Institutions Subcommittee on Mortgages
3/8/2010	Senate	Rule 3-9(a) / Re-referred to Assignments
1/12/2011	Senate	Session Sine Die

Back To Top