96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6936

 

Introduced , by Rep. Ron Stephens

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/21-217 new

    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.


LRB096 24138 HLH 43573 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB6936LRB096 24138 HLH 43573 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 21-217 as follows:
 
6    (35 ILCS 200/21-217 new)
7    Sec. 21-217. Limitation on interest, penalties, and fees.
8Notwithstanding any other provision of law, no person who has
9successfully exercised a penalty bid under Section 21-215 of
10this Code may charge any amount in interest, penalties, and
11fees combined upon the delinquent property owner that exceeds
1218% per annum. This cap on interest, penalties, and fees shall
13be measured from the date the penalty bid was offered.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.