SB3437sam001 101ST GENERAL ASSEMBLY

Sen. Laura M. Murphy

Filed: 3/4/2020

10100SB3437sam001 LRB101 19899 JLS 71059 a

AMENDMENT TO SENATE BILL 3437

AMENDMENT NO. ______. Amend Senate Bill 3437 by replacing everything after the enacting clause with the following:

"Section 5. The Consumer Fraud and Deceptive Business Practices Act is amended by adding Section 2WWW as follows:

(815 ILCS 505/2WWW new)

Sec. 2WWW. Disclosure requirements for manufactured homes.

(a) A lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, shall disclose:

(1) any affiliation between the landlord and the lending company;

(2) that the loan is a chattel loan;

(3) that the terms of a chattel loan prohibit refinancing; and

(4) any other reason that prohibits refinancing.

(b) A violation of this Section constitutes an unlawful practice within the meaning of this Act.".