Illinois General Assembly - Bill Status for SB1622
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 Bill Status of SB1622  102nd General Assembly


Short Description:  RESIDENTIAL PROPERTY HOME ACT

Senate Sponsors
Sen. Edward D. Maloney - Iris Y. Martinez

House Sponsors
(Rep. Susana A Mendoza)

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Residential Real Property Homestead Exemptions Disclosure Act. Requires the sellers of residential real property to disclose to the buyers of the property the amount of each homestead exemption that applies to the seller's ownership of the property. Sets forth the requirements and procedures for making the disclosure. Provides that a buyer may void the sales contract if the disclosure is defective. Provides that no action for a violation of the Act may be commenced more than one year after the date of the buyers occupancy or the date that the instrument of conveyance is recorded, whichever is less. Requires a copy of this Act must be included with each disclosure. Contains other provisions. Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
New Act
Adds reference to:
35 ILCS 200/31-25

Deletes everything after the enacting clause. Amends the Property Tax Code. Provides that transfer declarations must include information concerning any homestead exemptions for the property. Effective immediately.

Actions 
DateChamber Action
  2/23/2005SenateFiled with Secretary by Sen. Edward D. Maloney
  2/23/2005SenateFirst Reading
  2/23/2005SenateReferred to Rules
  3/2/2005SenateAssigned to Housing & Community Affairs
  3/9/2005SenatePostponed - Housing & Community Affairs
  3/9/2005SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Edward D. Maloney
  3/9/2005SenateSenate Committee Amendment No. 1 Referred to Rules
  3/15/2005SenateSenate Committee Amendment No. 1 Rules Refers to Housing & Community Affairs
  3/15/2005SenateSenate Committee Amendment No. 1 Adopted
  3/16/2005SenateDo Pass as Amended Housing & Community Affairs; 009-000-000
  3/16/2005SenatePlaced on Calendar Order of 2nd Reading March 17, 2005
  4/7/2005SenateSecond Reading
  4/7/2005SenatePlaced on Calendar Order of 3rd Reading April 8, 2005
  4/8/2005SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  4/8/2005SenateThird Reading - Passed; 057-000-000
  4/8/2005HouseArrived in House
  4/8/2005HousePlaced on Calendar Order of First Reading
  4/11/2005HouseChief House Sponsor Rep. Susana A Mendoza
  4/11/2005HouseFirst Reading
  4/11/2005HouseReferred to Rules Committee
  4/20/2005HouseAssigned to Executive Committee
  5/13/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007SenateSession Sine Die

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