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| | 96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6936 Introduced , by Rep. Ron Stephens SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that no person who has successfully exercised a penalty bid may charge any amount in interest, penalties, and fees combined upon the delinquent property owner that exceeds 18% per annum. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB6936 | | LRB096 24138 HLH 43573 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 21-217 as follows:
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| 6 | | (35 ILCS 200/21-217 new) |
| 7 | | Sec. 21-217. Limitation on interest, penalties, and fees. |
| 8 | | Notwithstanding any other provision of law, no person who has |
| 9 | | successfully exercised a penalty bid under Section 21-215 of |
| 10 | | this Code may charge any amount in interest, penalties, and |
| 11 | | fees combined upon the delinquent property owner that exceeds |
| 12 | | 18% per annum. This cap on interest, penalties, and fees shall |
| 13 | | be measured from the date the penalty bid was offered.
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| 14 | | Section 99. Effective date. This Act takes effect upon |
| 15 | | becoming law.
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