Illinois General Assembly - Bill Status for SB3811

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.

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