| |||||||
| |||||||
| |||||||
| 1 | AN ACT concerning civil law.
| ||||||
| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
| ||||||
| 4 | Section 5. The Code of Civil Procedure is amended by | ||||||
| 5 | changing Section 15-1507.1 as follows: | ||||||
| 6 | (735 ILCS 5/15-1507.1) | ||||||
| 7 | (Section scheduled to be repealed on March 2, 2016) | ||||||
| 8 | Sec. 15-1507.1. Judicial sale fee for Abandoned | ||||||
| 9 | Residential Property Municipality Relief Fund. | ||||||
| 10 | (a) Upon and at the sale of residential real estate under | ||||||
| 11 | Section 15-1507, the purchaser shall pay to the person | ||||||
| 12 | conducting the sale pursuant to Section 15-1507 a fee for | ||||||
| 13 | deposit into the Abandoned Residential Property Municipality | ||||||
| 14 | Relief Fund, a special
fund created in the State treasury. The | ||||||
| 15 | fee shall be calculated at the rate of $1 for each $1,000 or | ||||||
| 16 | fraction thereof of the amount paid by the purchaser to the | ||||||
| 17 | person conducting the sale, as reflected in the receipt of sale | ||||||
| 18 | issued to the purchaser, provided that in no event shall the | ||||||
| 19 | fee exceed $300. No fee shall be paid by the mortgagee | ||||||
| 20 | acquiring the residential real estate pursuant to its credit | ||||||
| 21 | bid at the sale or by any mortgagee, judgment creditor, or | ||||||
| 22 | other lienor acquiring the residential real estate whose rights | ||||||
| 23 | in and to the residential real estate arose prior to the sale. | ||||||
| |||||||
| |||||||
| 1 | Upon confirmation of the sale under Section 15-1508, the person | ||||||
| 2 | conducting the sale shall remit the fee to the clerk of the | ||||||
| 3 | court in which the foreclosure case is pending. The clerk shall | ||||||
| 4 | remit the fee to the State Treasurer as provided in this | ||||||
| 5 | Section, to be expended for the purposes set forth in Section | ||||||
| 6 | 7.31 of the Illinois Housing Development Act. | ||||||
| 7 | (b) All fees paid by purchasers as provided in this Section | ||||||
| 8 | shall be disbursed within 60 days after receipt by the clerk of | ||||||
| 9 | the court as follows: (i) 98% to the State Treasurer for | ||||||
| 10 | deposit into the Abandoned Residential Property Municipality | ||||||
| 11 | Relief Fund, and (ii) 2% to the clerk of the court to be | ||||||
| 12 | retained by the clerk for deposit into the Circuit Court Clerk | ||||||
| 13 | Operation and Administrative Fund to defray administrative | ||||||
| 14 | expenses related to implementation of this Section. | ||||||
| 15 | (c) Not later than March 1 of each year, the clerk of the | ||||||
| 16 | court shall submit to the Illinois Housing Development | ||||||
| 17 | Authority a report of the funds collected and remitted during | ||||||
| 18 | the preceding year pursuant to this Section. | ||||||
| 19 | (d) Subsections (a) and (b) of this Section shall become | ||||||
| 20 | inoperative on January 1, 2017 2016. This Section is repealed | ||||||
| 21 | on March 2, 2017 2016.
| ||||||
| 22 | (Source: P.A. 98-20, eff. 6-11-13.)
| ||||||
| 23 | Section 99. Effective date. This Act takes effect upon | ||||||
| 24 | becoming law. | ||||||