Full Text of SB3815 102nd General Assembly
SB3815 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 SB3815 Introduced 1/21/2022, by Sen. Donald P. DeWitte SYNOPSIS AS INTRODUCED: |
| 765 ILCS 940/40 | | 765 ILCS 940/55 | |
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Amends the Mortgage Rescue Fraud Act. Requires, within 3 days of the execution of a distressed property conveyance contract, the distressed property purchaser to provide a copy of the contract to any party that has purchased taxes in connection with the distressed property at a tax sale. Allows a party that does not receive a copy of a distressed property conveyance contract to bring a civil action under the Consumer Fraud and Deceptive Business Practices Act.
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| | A BILL FOR |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Mortgage Rescue Fraud Act is amended by | 5 | | changing Sections 40 and 55 as follows: | 6 | | (765 ILCS 940/40)
| 7 | | Sec. 40. Notice of cancellation of a distressed property | 8 | | conveyance contract.
| 9 | | (a) The contract must contain in immediate proximity to | 10 | | the space reserved for the owner of the distressed property's | 11 | | signature a conspicuous statement in a size equal to at least | 12 | | 12-point boldface type, if the contract is printed, or in | 13 | | capital letters, if the contract is typed, as follows: | 14 | | "You may cancel this contract for the sale of your | 15 | | house, without any penalty or obligation, at any time | 16 | | before ................................(Date and time of | 17 | | day).
See the attached notice of cancellation form for an | 18 | | explanation of this right." | 19 | | The distressed property purchaser shall accurately | 20 | | enter the date and time of day on which the cancellation | 21 | | right ends. | 22 | | (b) The contract must be accompanied by a completed form | 23 | | in duplicate, captioned "NOTICE OF CANCELLATION" in a size |
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| 1 | | equal to a 12-point boldface type, if the contract is printed, | 2 | | or in capital letters, if the contract is typed, followed by a | 3 | | space in which the distressed property purchaser shall enter | 4 | | the date on which the owner of the distressed property | 5 | | executes any contract. This form must be attached to the | 6 | | contract, must be easily detachable, and must contain in at | 7 | | least 12-point type, if the contract is printed, or in capital | 8 | | letters, if the contract is typed, the following statement | 9 | | written in the same language as used in the contract:
| 10 | | "NOTICE OF CANCELLATION
| 11 | | ...........................
| 12 | | (Enter date contract signed) | 13 | | You may cancel this contract for the sale of your home, | 14 | | without any penalty or obligation, at any time before | 15 | | ....................(enter date and time of day).
To | 16 | | cancel this transaction, mail or deliver a signed and | 17 | | dated copy of this cancellation notice to | 18 | | .......................(Name of purchaser) at | 19 | | .............................................. (Street | 20 | | address of purchaser's place of business) NOT LATER THAN | 21 | | ................................ (Enter date and time of | 22 | | day). | 23 | |
I hereby cancel this transaction on ............... | 24 | | (Date) ............................................... | 25 | | (Seller's signature)". | 26 | | (c) The distressed property purchaser shall provide the |
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| 1 | | owner of the distressed property with a copy of the contract | 2 | | and the attached notice of cancellation immediately at the | 3 | | time the contract is executed by all parties. | 4 | | (c-5) Within 3 days of the execution of a distressed | 5 | | property conveyance contract, if the contract has not been | 6 | | canceled, the distressed property purchaser shall provide a | 7 | | copy of the contract to any party that has purchased taxes in | 8 | | connection with the distressed property at a tax sale | 9 | | conducted pursuant to Article 21 of the Property Tax Code. | 10 | | (d) The distressed property purchaser shall record the | 11 | | contract with the recorder of deeds in the county where the | 12 | | distressed property is located within 10 days of its | 13 | | execution, provided the contract has not been canceled. | 14 | | (e) The 5 business days during which the owner of the | 15 | | distressed property may cancel the contract shall not begin to | 16 | | run until all parties to the contract have executed the | 17 | | contract and the distressed property purchaser has complied | 18 | | with all the requirements of this Section.
| 19 | | (Source: P.A. 94-822, eff. 1-1-07.) | 20 | | (765 ILCS 940/55)
| 21 | | Sec. 55. Civil remedies.
| 22 | | (a) A violation of any of the provisions of this Act | 23 | | constitutes an unlawful practice under the Consumer Fraud and | 24 | | Deceptive Business Practices Act. All remedies, penalties, and | 25 | | authority granted to the Attorney General or State's Attorney |
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| 1 | | by the Consumer Fraud and Deceptive Business Practices Act | 2 | | shall be available to him or her for the enforcement of this | 3 | | Act.
| 4 | | (b) A consumer who suffers loss by reason of any violation | 5 | | of any provision of this Act or a party that does not receive a | 6 | | copy of a distressed property conveyance contract as required | 7 | | by subsection (c-5) of Section 40 may bring a civil action in | 8 | | accordance with the Consumer Fraud and Deceptive Business | 9 | | Practices Act to enforce that provision. All remedies and | 10 | | rights granted to a consumer , or to a party suffering actual | 11 | | damages, by the Consumer Fraud and Deceptive Business | 12 | | Practices Act shall be available to a the consumer or a party | 13 | | bringing such an action.
The remedies and rights provided for | 14 | | in this Act are not exclusive, but cumulative, and all other | 15 | | applicable claims, including, but not limited to, those | 16 | | brought under the doctrine of equitable mortgage, are | 17 | | specifically preserved.
| 18 | | (Source: P.A. 94-822, eff. 1-1-07.)
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