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90_SB0860
305 ILCS 5/4-1.11 from Ch. 23, par. 4-1.11
Amends the Aid to Families with Dependent Children
Article of the Illinois Public Aid Code. Provides that a
person shall not transfer property for less than fair market
value, removing a provision that the transfer is prohibited
only to the extent required under federal law. Effective
immediately.
LRB9002988SMdv
LRB9002988SMdv
1 AN ACT to amend the Illinois Public Aid Code by changing
2 Section 4-1.11.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Public Aid Code is amended by
6 changing Section 4-1.11 as follows:
7 (305 ILCS 5/4-1.11) (from Ch. 23, par. 4-1.11)
8 Sec. 4-1.11. Property transfers. To the extent required
9 under federal law, A person shall not make or have made a
10 voluntary or involuntary assignment or transfer of any legal
11 or equitable interests in real or personal property, whether
12 vested, contingent or inchoate, for less than fair market
13 value.
14 (Source: P.A. 88-554, eff. 7-26-94.)
15 Section 99. Effective date. This Act takes effect upon
16 becoming law.