SB3437 101ST GENERAL ASSEMBLY

LRB101 19899 LNS 69420 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3437

Introduced 2/14/2020, by Sen. Laura M. Murphy

SYNOPSIS AS INTRODUCED:

765 ILCS 77/36 new

Amends the Residential Real Property Disclosure Act. Provides that a lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, shall disclose: (1) any affiliation between the landlord and the lending company; (2) that the loan is a chattel loan; (3) that the terms of a chattel loan prohibit refinancing; and (4) any other reason that prohibits refinancing.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Residential Real Property Disclosure Act is amended by adding Section 36 as follows:

(765 ILCS 77/36 new)

Sec. 36. Disclosure requirements for manufactured homes. A lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, shall disclose:

(1) any affiliation between the landlord and the lending company;

(2) that the loan is a chattel loan;

(3) that the terms of a chattel loan prohibit refinancing; and

(4) any other reason that prohibits refinancing.