SB1779 102ND GENERAL ASSEMBLY

LRB102 14620 JLS 19973 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1779

Introduced 2/26/2021, by Sen. Laura M. Murphy

SYNOPSIS AS INTRODUCED:

815 ILCS 505/2WWW new

Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that 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. Provides that a violation constitutes an unlawful practice within the meaning of the Act.

A BILL FOR

AN ACT concerning business.

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

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.