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90_HB3910
New Act
Creates the Land Banking Beneficial Disclosure Act of
1998. Provides that no agreement or understanding of any kind
may be made or entered into by any department or agency of
the State of Illinois with a trustee or beneficiary of a land
trust, when the land is intended for use as a correctional
facility or for airport purposes, or for land banking for a
correctional facility or airport purposes, until the
beneficial interests in the property or land trust have been
fully disclosed in a written statement to the department or
agency. Requires the disclosure statement to identify each
beneficiary and define his or her interest. Requires the
trustee to file the disclosure statement with the recorder of
deeds. Effective immediately.
LRB9012384NTmg
LRB9012384NTmg
1 AN ACT to create the Land Banking Beneficial Disclosure
2 Act of 1998.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 1. Short title. This Act may be cited as the
6 Land Banking Beneficial Disclosure Act of 1998.
7 Section 5. Land trust; statement. No agreement or
8 understanding of any kind may be made or entered into by any
9 department or agency of the State of Illinois with any
10 trustee of a land trust, or any beneficiary or beneficiaries
11 of a land trust, when the land that is the subject of such
12 trust, any interest in such land, improvements to such land,
13 or use of such land is intended for use as a correction
14 facility or for airport purposes until the beneficial
15 interests in the property or land trust have been fully
16 disclosed in a written statement to the department or agency.
17 The disclosure statement shall identify each beneficiary of
18 such land trust by name and address and define his or her
19 interest therein. The statement shall be verified by the
20 trustee, or by the beneficiary as a beneficial owner of an
21 interest in such land trust. If the statement is filed by a
22 body politic or other corporate entity it shall be verified
23 by a duly authorized officer of the body politic or other
24 corporate entity for which the statement is made. The
25 trustee shall file the disclosure statement with the recorder
26 of deeds of the county in which the property is located
27 within 30 days after the parties execute the purchase
28 agreement for the property. This Act does not preclude a
29 department or agency of the State of Illinois from making an
30 offer to acquire property, provided that the purchase
31 agreement shall not be effective until the disclosure
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1 statement has been delivered to the department or agency.
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.