Illinois General Assembly - Full Text of SB1779
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Full Text of SB1779  102nd General Assembly

SB1779eng 102ND GENERAL ASSEMBLY

  
  
  

 


 
SB1779 EngrossedLRB102 14620 JLS 19973 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Consumer Fraud and Deceptive Business
5Practices Act is amended by adding Section 2WWW as follows:
 
6    (815 ILCS 505/2WWW new)
7    Sec. 2WWW. Disclosure requirements for manufactured homes.
8    (a) A lender, or agent of a lending company, when offering
9terms for a mortgage note for the purchase of a manufactured
10home, as defined in the Mobile Home Park Act, that has not been
11caused to be deemed to be real property by satisfying the
12requirements of the Conveyance and Encumbrance of Manufactured
13Homes as Real Property and Severance Act, shall disclose:
14        (1) any affiliation between the landlord and the
15    lending company;
16        (2) that the loan is a chattel loan;
17        (3) that the terms of a chattel loan prohibit
18    refinancing;
19        (4) that, depending on where the consumer affixes the
20    manufactured home (be it property owned by the consumer or
21    on certain types of leased land), the manufactured home
22    may qualify as real property under the Conveyance and
23    Encumbrance of Manufactured Homes as Real Property and

 

 

SB1779 Engrossed- 2 -LRB102 14620 JLS 19973 b

1    Severance Act; and
2        (5) any other reason that prohibits refinancing.
3    (b) A violation of this Section constitutes an unlawful
4practice within the meaning of this Act.