Synopsis of Bill as introduced:
Amends the Property Tax Code. Provides that, when any unpaid
taxes become delinquent through the fault of the mortgage lender, the
lender shall pay the taxes, redeem the property, and take all
necessary steps to remove any liens accruing against the property
because of the delinquency. Provides that unpaid taxes shall be
deemed delinquent through the fault of the lender if the lender has
received all payments due the lender for the property being taxed
under the written terms of the mortgage or promissory note (now, the
lender has received all payments due the lender for the property being
taxed, the lender holds funds in escrow to pay the taxes, and the
funds are sufficient to pay the taxes after deducting all amounts
reasonably anticipated to become due for certain insurance premiums
and other assessments to be paid from the escrow).
STATE MANDATES FISCAL NOTE
In the opinion of DCCA, HB1283 fails to create a State mandate
under the State Mandates Act.
FISCAL NOTE (Dept. of Revenue)
There will be no fiscal impact on this Dept.
Last action on Bill: PUBLIC ACT.............................. 90-0336
Last action date: 97-08-08
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status