Illinois General Assembly - Bill Status for SB0138

Illinois General Assembly - Bill Status for SB0138

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Bill Status of SB0138 101st General Assembly

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Short Description: CIV PRO-SHORT SALE RESALE

Senate Sponsors
Sen. Jacqueline Y. Collins - Iris Y. Martinez - Don Harmon

House Sponsors
(Rep. Curtis J. Tarver, II - Arthur Turner)

Last Action

Date	Chamber	Action
8/16/2019	Senate	Public Act . . . . . . . . . 101-0396

Statutes Amended In Order of Appearance

735 ILCS 5/15-1401.1

Synopsis As Introduced
Amends the Mortgage Foreclosure Article of the Code of Civil Procedure in relation to short sales of property. Provides that, if an offer to purchase either a mortgage or residential property is made by an entity with a tax-exempt filing status under Section 501(c)(3) of the Internal Revenue Code for the purpose of reselling that mortgage or residential property to the mortgagor, and financing for the repurchase will be provided by a certified community development financial institution, an affidavit, statement, agreement, or addendum limiting ownership or occupancy of the residential property by the mortgagor shall not provide a basis to avoid a sale or transfer, nor is it enforceable against the acquiring entity or any real estate broker, mortgagor, or settlement agent named in the affidavit, statement, agreement, or addendum. Provides that, at the time of an offer, specified disclosures shall be made to the mortgagee in connection with any purchase of a sale. Provides that, upon request by the mortgagee, a certified community development financial institution shall provide documentation evidencing its current certification status. Effective immediately.

Senate Committee Amendment No. 1
Provides that "residential property" is limited to the primary (rather than the principal) residence of a person. Provides that specified disclosures shall be made to the mortgagee by the mortgagor. Provides that nothing in the new provisions shall impair, abrogate, or abridge in any manner the rights of the mortgagee to accept or reject an offer to purchase either a mortgage or residential property, nor shall it give rise to a cause of action.

Actions

Date	Chamber	Action
1/29/2019	Senate	Filed with Secretary by Sen. Jacqueline Y. Collins
1/29/2019	Senate	First Reading
1/29/2019	Senate	Referred to Assignments
1/30/2019	Senate	Assigned to Financial Institutions
1/31/2019	Senate	Added as Chief Co-Sponsor Sen. Iris Y. Martinez
2/8/2019	Senate	Added as Chief Co-Sponsor Sen. Don Harmon
3/4/2019	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
3/4/2019	Senate	Senate Committee Amendment No. 1 Referred to Assignments
3/6/2019	Senate	Postponed - Financial Institutions
3/6/2019	Senate	Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
3/13/2019	Senate	Senate Committee Amendment No. 1 Adopted
3/13/2019	Senate	Do Pass as Amended Financial Institutions; 007-000-000
3/13/2019	Senate	Placed on Calendar Order of 2nd Reading March 14, 2019
3/20/2019	Senate	Second Reading
3/20/2019	Senate	Placed on Calendar Order of 3rd Reading March 21, 2019
3/27/2019	Senate	Third Reading - Passed; 053-000-000
3/27/2019	House	Arrived in House
3/27/2019	House	Chief House Sponsor Rep. Curtis J. Tarver, II
3/27/2019	House	First Reading
3/27/2019	House	Referred to Rules Committee
4/9/2019	House	Assigned to Executive Committee
5/9/2019	House	Added Alternate Chief Co-Sponsor Rep. Arthur Turner
5/10/2019	House	Rule 19(a) / Re-referred to Rules Committee
5/22/2019	House	Assigned to Executive Committee
5/22/2019	House	Final Action Deadline Extended-9(b) May 31, 2019
5/22/2019	House	Motion Filed to Suspend Rule 21 Executive Committee; Rep. Gregory Harris
5/22/2019	House	Motion to Suspend Rule 21 - Prevailed
5/23/2019	House	Do Pass / Short Debate Executive Committee; 013-000-000
5/23/2019	House	Placed on Calendar 2nd Reading - Short Debate
5/23/2019	House	Second Reading - Short Debate
5/23/2019	House	Held on Calendar Order of Second Reading - Short Debate
5/27/2019	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/27/2019	House	Third Reading - Short Debate - Passed 111-005-000
5/27/2019	Senate	Passed Both Houses
6/25/2019	Senate	Sent to the Governor
8/16/2019	Senate	Governor Approved
8/16/2019	Senate	Effective Date August 16, 2019
8/16/2019	Senate	Public Act . . . . . . . . . 101-0396