Bill Status of SB 3811   96th General Assembly

Short Description:  FORECLOSED HOME RECEIVERS

Senate Sponsors
Sen. Iris Y. Martinez-Jacqueline Y. Collins

Last Action  View All Actions

DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
5 ILCS 80/4.31 new
735 ILCS 5/15-1702from Ch. 110, par. 15-1702
735 ILCS 5/15-1704from Ch. 110, par. 15-1704

Synopsis As Introduced
Creates the Foreclosed Home Receiver License Act. Provides for the licensure of a receiver of a home foreclosed on by a mortgagee that is a bank. Provides that upon possession of a foreclosed home, a licensee under the Act shall hold onto and preserve all remaining personal property of the mortgagor or former occupant, with certain exceptions, for at least 30 days or until the mortgagor or occupant releases his or her claim to the property in writing, whichever occurs sooner. Provides that the receiver must post a public notice containing certain specified information related to how the personal property may be reclaimed by the mortgagor or former occupant. Provides that the Department of Financial and Professional Regulation shall adopt rules to administer the provisions of the Act. Sets forth powers and duties of the Department, licensure requirements, grounds for discipline, civil and criminal penalties for violation of the Act, and administrative procedure. Includes provisions concerning exemption from the Act. Amends the Regulatory Sunset Act to set a repeal date of January 1, 2021 for the new Act. Amends the Code of Civil Procedure to make corresponding changes in provisions concerning the appointment of receivers. Effective immediately.

Actions 
DateChamber Action
  2/11/2010SenateFiled with Secretary by Sen. Iris Y. Martinez
  2/11/2010SenateFirst Reading
  2/11/2010SenateReferred to Assignments
  2/24/2010SenateAssigned to Financial Institutions
  3/2/2010SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/3/2010SenateDo Pass Financial Institutions; 007-004-000
  3/3/2010SenatePlaced on Calendar Order of 2nd Reading March 4, 2010
  3/19/2010SenateRule 2-10 Third Reading Deadline Established As March 26, 2010
  3/26/2010SenateRule 2-10 Third Reading Deadline Established As April 15, 2010
  6/27/2010SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/12/2011SenateSession Sine Die

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