Full Text of HB3751 96th General Assembly
HB3751 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB3751
Introduced 2/25/2009, by Rep. Jehan A. Gordon SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Worker Adjustment and Retraining Notification Act. Provides that, if an employer orders a mass layoff, relocation, or employment loss and fails to notify employees, then an employee shall be allowed to suspend interest payments on a home mortgage for 180 days and then pay the deferred interest in equal installments over the remaining term of the mortgage loan.
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A BILL FOR
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HB3751 |
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LRB096 09958 WGH 20122 b |
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| AN ACT concerning employment.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Worker Adjustment and
Retraining | 5 |
| Notification Act is amended by adding Section 42 as follows: | 6 |
| (820 ILCS 65/42 new) | 7 |
| Sec. 42. Suspension of employee's mortgage interest | 8 |
| payments. | 9 |
| (a) Notwithstanding any other law to the contrary, if an | 10 |
| employer fails to give notice as required by paragraph (1) of | 11 |
| subsection (a) of Section 10, then a person who is domiciled in | 12 |
| this State and who is an employee entitled to notice may | 13 |
| secure, if a request is made within 180 days after the order of | 14 |
| mass layoff, relocation, or employment loss, a suspension of | 15 |
| the payment of interest on a mortgage loan that was secured by | 16 |
| the person, or the person and another person jointly, before | 17 |
| the date of the order. | 18 |
| (b) A person may make a request under subsection (a) by | 19 |
| mailing a written request to the mortgagee. The request must | 20 |
| include: (i) a statement, supported by documentation, that on a | 21 |
| specified date a mass layoff, relocation, or employment loss | 22 |
| was ordered by an employer and (ii) an affidavit stating that | 23 |
| the person is an employee entitled to notice from that employer |
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HB3751 |
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LRB096 09958 WGH 20122 b |
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| and further that the person is a mortgagor of the mortgage loan | 2 |
| with respect to which the request is being made. Upon receipt | 3 |
| of the request with the required information, the mortgagee | 4 |
| shall grant a suspension of the payment of interest, effective | 5 |
| as of the date of the order. The suspension shall remain in | 6 |
| effect for 180 days after the date of the order, and interest | 7 |
| that was incurred during that time shall be paid, after the | 8 |
| expiration of the suspension, in equal installments over the | 9 |
| remaining term of the mortgage loan. | 10 |
| (c) Nothing in this Section affects the payment of loan | 11 |
| principal, escrow, or other fees that are required by the | 12 |
| mortgage loan agreement. | 13 |
| (d) As used in this Section: | 14 |
| "Mortgagee" means the holder of a mortgage loan. | 15 |
| "Mortgage loan" means a loan made to a natural person or | 16 |
| persons to whom credit is offered or extended primarily for | 17 |
| personal, family, or household purposes that is secured by a | 18 |
| mortgage constituting a lien upon real property located in this | 19 |
| State on which there is erected or to be erected a structure | 20 |
| that is the primary residence of the natural person or persons, | 21 |
| containing one to 6 dwelling units, a portion of which may be | 22 |
| used for nonresidential purposes, in the making of which the | 23 |
| mortgagee relies primarily upon the value of the mortgaged | 24 |
| property.
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