Full Text of SB2182 103rd General Assembly
SB2182 103RD GENERAL ASSEMBLY |
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB2182 Introduced 2/10/2023, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED: |
| 765 ILCS 77/46 new | |
815 ILCS 505/2A | from Ch. 121 1/2, par. 262A |
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Amends the Residential Real Property Disclosure Act. Provides that any condition, stipulation, or provision in any mortgage, promissory note, or contract directly affecting an interest in Illinois real estate shall state that Illinois law shall apply. Provides that any condition, stipulation, or provision purporting to apply the law of another state or country is void. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that it is an unlawful practice for any person to insert a provision in any mortgage, promissory note, or other contract directly affecting a consumer's ownership of Illinois real estate which states that the law of a state or country other than Illinois shall apply, and that any such provision purporting to apply the law of another state or country in such consumer transaction is void.
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| | A BILL FOR |
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| | | SB2182 | | LRB103 26731 LNS 53094 b |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Residential Real Property Disclosure Act is | 5 | | amended by adding Section 46 as follows: | 6 | | (765 ILCS 77/46 new) | 7 | | Sec. 46. Condition, stipulation, or provision void. Any | 8 | | condition, stipulation, or provision in any mortgage, | 9 | | promissory note, or contract directly affecting an interest in | 10 | | Illinois real estate shall state that Illinois law shall | 11 | | apply. Any condition, stipulation, or provision purporting to | 12 | | apply the law of another state or country is void. | 13 | | Section 10. The Consumer Fraud and Deceptive Business | 14 | | Practices Act is amended by changing Section 2A as follows:
| 15 | | (815 ILCS 505/2A) (from Ch. 121 1/2, par. 262A)
| 16 | | Sec. 2A.
(1) The use or employment of any chain referral | 17 | | sales technique, plan,
arrangement or agreement whereby the | 18 | | buyer is induced to purchase
merchandise upon the seller's | 19 | | promise or representation that if buyer will
furnish seller | 20 | | names of other prospective buyers or like or identical
| 21 | | merchandise that seller will contact the named prospective |
| | | SB2182 | - 2 - | LRB103 26731 LNS 53094 b |
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| 1 | | buyers and buyer
will receive a reduction in the purchase | 2 | | price by means of a cash rebate,
commission, credit toward | 3 | | balance due or any other consideration, which
rebate, | 4 | | commission, credit or other consideration is contingent upon
| 5 | | seller's ability to sell like or identical merchandise to the | 6 | | named
prospective buyers, is declared to be an unlawful | 7 | | practice within the
meaning of this Act.
| 8 | | (2) It is an unlawful practice within the meaning of this | 9 | | Act for any
person, by himself or through others, to sell, | 10 | | offer to sell, or attempt
to sell the right to participate in a | 11 | | pyramid sales scheme. | 12 | | (3) It is an unlawful practice for any person to insert a | 13 | | provision in any mortgage, promissory note, or other contract | 14 | | directly affecting a consumer's ownership of Illinois real | 15 | | estate which states that the law of a state or country other | 16 | | than Illinois shall apply. Any such provision purporting to | 17 | | apply the law of another state or country in such consumer | 18 | | transaction is void.
| 19 | | (Source: P.A. 83-808.)
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