Full Text of SB1354 95th General Assembly
SB1354enr 95TH GENERAL ASSEMBLY
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 21-220 as follows:
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| (35 ILCS 200/21-220)
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| Sec. 21-220. Letter of credit or bond in counties of | 8 |
| 3,000,000 or more;
registration in other counties. In counties | 9 |
| with 3,000,000 or more inhabitants,
no person shall make an | 10 |
| offer to pay the amount due on any property and the
collector | 11 |
| shall not accept or acknowledge an offer from any person who | 12 |
| has not
deposited with the collector, not less than 10 days | 13 |
| prior to making such offer,
an irrevocable and unconditional | 14 |
| letter of credit or such other unconditional
bond payable to | 15 |
| the order of the collector in an amount not less than 1.5 times
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| the amount of any tax or special assessment due upon the | 17 |
| property, provided
that in no event shall the irrevocable and | 18 |
| unconditional letter
of credit or such other unconditional bond | 19 |
| be in an amount less than $1,000.
The
collector may without | 20 |
| notice draw upon the letter of credit or bond in the
event | 21 |
| payment of the amount due together with interest and costs | 22 |
| thereon is not
made forthwith by the person purchasing any | 23 |
| property. At all times during the
sale, any person making an |
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| offer or offers to pay the amount or amounts due on
any | 2 |
| properties shall maintain the letter of credit or bond with the | 3 |
| collector
in an amount not less than 1.5 times the amount due | 4 |
| on the properties which he
or she has purchased and for which | 5 |
| he or she has not paid.
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| In counties with less than 3,000,000 inhabitants, unless | 7 |
| the county board
provides otherwise, no person shall be | 8 |
| eligible to bid who did not register
with the county collector | 9 |
| at least 10 business days prior to the first day of
sale | 10 |
| authorized under Section 21-115. The registration must be | 11 |
| accompanied by a deposit in an amount determined by the county | 12 |
| collector, but not to exceed $250 in counties of less than | 13 |
| 50,000 inhabitants or $500 in all other counties, which must be | 14 |
| applied to the amount due on the properties that the registrant | 15 |
| has purchased. If the registrant cannot participate in the tax | 16 |
| sale, then he or she may notify the tax collector, no later | 17 |
| than 5 business days prior to the sale, of the name of the | 18 |
| substitute person who will participate in the sale in the | 19 |
| registrant's place, and an additional deposit is not required | 20 |
| for any such substitute person. If the registrant does not | 21 |
| attend the sale, then the deposit is forfeited to the Tax Sale | 22 |
| Automation Fund established under Section 21-245. If the | 23 |
| registrant does attend the sale and attempts, but fails, to | 24 |
| purchase any parcels offered for sale, then the deposit must be | 25 |
| refunded to the registrant.
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| (Source: P.A. 92-640, eff. 7-11-02.)
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| Section 99. Effective date. This Act takes effect upon | 2 |
| becoming law.
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