92nd General Assembly
Summary of HB2439
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House Sponsors:
BURKE-DELGADO-SCHOENBERG-MORROW-JONES,LOU, RYAN, O'CONNOR, 
   MCKEON, KENNER, HOWARD AND HAMOS.

Senate Sponsors:
LUECHTEFELD-LAUZEN

Short description: 
STATE $-FINANCIAL INSTITUTIONS                                             

Synopsis of Bill as introduced:
        Creates the Home Loan Collateral Fund Act.  Creates the Home Loan      
   Collateral Fund, which is to be administered by the State Treasurer to      
   provide collateral for Illinois citizens seeking home loans for a home      
   in the State or seeking to avoid foreclosure on an existing home  loan      
   for  a home in the State.  Provides procedures for and restrictions on      
   the administration of the Fund.   Amends  the  State  Finance  Act  to      
   create the special fund in the State treasury.  Effective immediately.      
          FISCAL NOTE (State Treasurer)                                        
          HB 2439 creates the Home Loan Collateral Fund with a transfer        
          of $5,000,000. The Treasurer's Office anticipates that admin-        
          istrative costs will be $200,000 of that amount.                     
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          New Act                                                              
          30 ILCS 105/5.545 new                                                
          Adds reference to:                                                   
          15 ILCS 520/7                   from Ch. 130, par. 26                
        Deletes everything.  Amends the  Deposit  of  State  Moneys  Act.      
   Provides  that  the  State  Treasurer  may  accept  a  reduced rate of      
   interest on deposits of State moneys from a financial  institution  if      
   the  institution  agrees  to  (i) make home loans to Illinois citizens      
   purchasing a home in Illinois  in  situations  where  the  institution      
   would  not  offer  the  borrower  a  home loan under the institution's      
   prevailing credit standards without the incentive of the reduced  rate      
   of  interest  on  deposits  of  State  moneys  and  (ii)  refrain from      
   commencing or pursuing foreclosure proceedings with  respect  to  home      
   loans  of  Illinois  citizens  who have failed to make payments on the      
   home loan as a result of a temporary layoff or disability  when  under      
   the  institutions  prevailing  policies  it  would  commence or pursue      
   foreclosure proceedings without the incentive of  a  reduced  rate  of      
   interest on deposits of State moneys.  Effective immediately.               
        SENATE AMENDMENT NO. 2.                                                
        Further amends the Deposit of State Moneys Act. Allows certain         
   interest income on deposits of State moneys to be used to secure up         
   to 10% of (i) home loans in situations where the financial institu-         
   tion would not offer the borrower a loan under the institution's pre-       
   vailing credit standards without the incentive of a reduced rate of         
   interest on deposits of State moneys and (ii) existing home loans           
   that would be subject to foreclosure under an institution's prevail-        
   ing policies if it were not for the incentive of a reduced rate of          
   interest on deposits of State moneys (instead of allowing the in-           
   stitution to pay a reduced rate of interest if it agrees to a plan to       
   make those loans).                                                          
 
Last action on Bill: PUBLIC ACT.............................. 92-0482

   Last action date: AUG-23-2001

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


   END OF INQUIRY 



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