Sen. Laura M. Murphy

Filed: 3/4/2020

 

 


 

 


 
10100SB3437sam001LRB101 19899 JLS 71059 a

1
AMENDMENT TO SENATE BILL 3437

2    AMENDMENT NO. ______. Amend Senate Bill 3437 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Consumer Fraud and Deceptive Business
5Practices Act is amended by adding Section 2WWW as follows:
 
6    (815 ILCS 505/2WWW new)
7    Sec. 2WWW. Disclosure requirements for manufactured homes.
8    (a) A lender, or agent of a lending company, when offering
9terms for a mortgage note for the purchase of a manufactured
10home, shall disclose:
11        (1) any affiliation between the landlord and the
12    lending company;
13        (2) that the loan is a chattel loan;
14        (3) that the terms of a chattel loan prohibit
15    refinancing; and
16        (4) any other reason that prohibits refinancing.

 

 

10100SB3437sam001- 2 -LRB101 19899 JLS 71059 a

1    (b) A violation of this Section constitutes an unlawful
2practice within the meaning of this Act.".