Full Text of SB1979 95th General Assembly
SB1979eng 95TH GENERAL ASSEMBLY
|
|
|
SB1979 Engrossed |
|
LRB095 18777 MJR 44900 b |
|
| 1 |
| AN ACT concerning regulation.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 1. Short title. This Act may be cited as the | 5 |
| Illinois Homeowner's Emergency Assistance Program Act. | 6 |
| Section 5. Illinois Housing Development Authority; powers; | 7 |
| duties. | 8 |
| (a) The Illinois Housing Development Authority shall have | 9 |
| the power to issue grants to residents of Illinois eligible for | 10 |
| assistance described in this Act. | 11 |
| (b) The Authority shall implement and administer the | 12 |
| program established by this Act. | 13 |
| (c) The Authority shall adopt all rules necessary for the | 14 |
| implementation and administration of this Act. | 15 |
| (d) The Authority shall provide a representative of the | 16 |
| Authority to assist the homeowner with any renegotiations under | 17 |
| this Act. | 18 |
| Section 10. Definitions. For purposes of this Act: | 19 |
| "Authority" means the Illinois Housing Development | 20 |
| Authority. | 21 |
| "Lender" means a natural or artificial person who | 22 |
| transfers, deals in, offers, or makes a home loan. "Lender" |
|
|
|
SB1979 Engrossed |
- 2 - |
LRB095 18777 MJR 44900 b |
|
| 1 |
| includes, but is not limited to, creditors and brokers that | 2 |
| transfer, deal in, offer, or make home loans. | 3 |
| "Good faith" means honesty in fact in the conduct or | 4 |
| transaction concerned. | 5 |
| Section 15. Eligibility for assistance. | 6 |
| (a) No assistance may be given to a person pursuant to this | 7 |
| Act unless: | 8 |
| (1) The property securing the mortgage is residential | 9 |
| real estate. | 10 |
| (2) The person is a resident of this State and his or | 11 |
| her property is being foreclosed due to failure to make | 12 |
| mortgage payments. | 13 |
| (3) The lender agrees to halt foreclosure proceedings | 14 |
| once payment under this Act is made by the State. | 15 |
| (4) The mortgage lender agrees to renegotiate in good | 16 |
| faith the terms of the mortgage being foreclosed once | 17 |
| payment under this Act is made by the State. | 18 |
| (5) A representative of the Authority shall assist the | 19 |
| homeowner during the renegotiation process with the | 20 |
| lender. | 21 |
| (b) Upon a determination that the conditions of eligibility | 22 |
| described in this Act have been met, and funds for assistance | 23 |
| are available, the homeowner shall become eligible for the | 24 |
| assistance described in Section 20 of this Act. |
|
|
|
SB1979 Engrossed |
- 3 - |
LRB095 18777 MJR 44900 b |
|
| 1 |
| Section 20. Assistance payments. | 2 |
| (a) If the Authority determines that a person is eligible | 3 |
| for assistance under this program, the Authority shall pay | 4 |
| directly to each lender payments on behalf of the person | 5 |
| seeking assistance under the program. This amount shall | 6 |
| include, but not be limited to, delinquencies of principal, | 7 |
| interest, taxes, assessments, ground rents, hazard insurance, | 8 |
| mortgage insurance, and credit insurance premiums. | 9 |
| (b) An eligible applicant may not receive a grant in excess | 10 |
| of $6,000, or the sum of 3 monthly mortgage payments on the | 11 |
| property, whichever is less. | 12 |
| Section 25. Program funding. | 13 |
| (a) The Authority shall use only funds specifically | 14 |
| appropriated by the General Assembly for the purposes of this | 15 |
| Act. Assistance under this Act shall not be available at any | 16 |
| time the Authority does not have funds currently available to | 17 |
| approve applications for emergency mortgage assistance. | 18 |
| (b) This Act is subject to appropriation; however, at no | 19 |
| time shall the cumulative amount of grants issued under this | 20 |
| program exceed $3,000,000 in a calendar year. | 21 |
| Section 30. Repealer. This Act is repealed on January 1, | 22 |
| 2010.
| 23 |
| Section 99. Effective date. This Act takes effect upon | 24 |
| becoming law.
|
|