HB6936 96TH GENERAL ASSEMBLY

LRB096 24138 HLH 43573 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6936

Introduced , by Rep. Ron Stephens

SYNOPSIS AS INTRODUCED:

35 ILCS 200/21-217 new

Amends the Property Tax Code. Provides that no person who has successfully exercised a penalty bid may charge any amount in interest, penalties, and fees combined upon the delinquent property owner that exceeds 18% per annum. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Property Tax Code is amended by adding Section 21-217 as follows:

(35 ILCS 200/21-217 new)

Sec. 21-217. Limitation on interest, penalties, and fees. Notwithstanding any other provision of law, no person who has successfully exercised a penalty bid under Section 21-215 of this Code may charge any amount in interest, penalties, and fees combined upon the delinquent property owner that exceeds 18% per annum. This cap on interest, penalties, and fees shall be measured from the date the penalty bid was offered.

Section 99. Effective date. This Act takes effect upon becoming law.