Illinois General Assembly - Full Text of SB3815
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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

    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.


LRB102 21862 LNS 30983 b

 

 

A BILL FOR

 

SB3815LRB102 21862 LNS 30983 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Mortgage Rescue Fraud Act is amended by
5changing Sections 40 and 55 as follows:
 
6    (765 ILCS 940/40)
7    Sec. 40. Notice of cancellation of a distressed property
8conveyance contract.
9    (a) The contract must contain in immediate proximity to
10the space reserved for the owner of the distressed property's
11signature a conspicuous statement in a size equal to at least
1212-point boldface type, if the contract is printed, or in
13capital 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
23in duplicate, captioned "NOTICE OF CANCELLATION" in a size

 

 

SB3815- 2 -LRB102 21862 LNS 30983 b

1equal to a 12-point boldface type, if the contract is printed,
2or in capital letters, if the contract is typed, followed by a
3space in which the distressed property purchaser shall enter
4the date on which the owner of the distressed property
5executes any contract. This form must be attached to the
6contract, must be easily detachable, and must contain in at
7least 12-point type, if the contract is printed, or in capital
8letters, if the contract is typed, the following statement
9written 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

 

 

SB3815- 3 -LRB102 21862 LNS 30983 b

1owner of the distressed property with a copy of the contract
2and the attached notice of cancellation immediately at the
3time the contract is executed by all parties.
4    (c-5) Within 3 days of the execution of a distressed
5property conveyance contract, if the contract has not been
6canceled, the distressed property purchaser shall provide a
7copy of the contract to any party that has purchased taxes in
8connection with the distressed property at a tax sale
9conducted pursuant to Article 21 of the Property Tax Code.
10    (d) The distressed property purchaser shall record the
11contract with the recorder of deeds in the county where the
12distressed property is located within 10 days of its
13execution, provided the contract has not been canceled.
14    (e) The 5 business days during which the owner of the
15distressed property may cancel the contract shall not begin to
16run until all parties to the contract have executed the
17contract and the distressed property purchaser has complied
18with 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
23constitutes an unlawful practice under the Consumer Fraud and
24Deceptive Business Practices Act. All remedies, penalties, and
25authority granted to the Attorney General or State's Attorney

 

 

SB3815- 4 -LRB102 21862 LNS 30983 b

1by the Consumer Fraud and Deceptive Business Practices Act
2shall be available to him or her for the enforcement of this
3Act.
4    (b) A consumer who suffers loss by reason of any violation
5of any provision of this Act or a party that does not receive a
6copy of a distressed property conveyance contract as required
7by subsection (c-5) of Section 40 may bring a civil action in
8accordance with the Consumer Fraud and Deceptive Business
9Practices Act to enforce that provision. All remedies and
10rights granted to a consumer, or to a party suffering actual
11damages, by the Consumer Fraud and Deceptive Business
12Practices Act shall be available to a the consumer or a party
13bringing such an action. The remedies and rights provided for
14in this Act are not exclusive, but cumulative, and all other
15applicable claims, including, but not limited to, those
16brought under the doctrine of equitable mortgage, are
17specifically preserved.
18(Source: P.A. 94-822, eff. 1-1-07.)