92nd General Assembly
Summary of HB3103
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House Sponsors:
MENDOZA-MULLIGAN-COULSON-KRAUSE-BELLOCK, LYONS,EILEEN, 
   O'BRIEN, CURRY,JULIE, FRANKS, DART, SCOTT, ACEVEDO, 
   TURNER,JOHN AND OSTERMAN.

Senate Sponsors:
LIGHTFORD-HENDON

Short description: 
REVERSE MORTGAGES TAX DEFERRAL                                             

Synopsis of Bill as introduced:
        Amends the Illinois Banking Act, the Illinois  Savings  and  Loan      
   Act  of 1985, the Savings Bank Act, the Illinois Credit Union Act, and      
   the Residential Mortgage License  Act  of  1987.  Provides  that  when      
   making  a  reverse mortgage loan, the lender or broker must inform the      
   mortgagor that by obtaining the reverse mortgage loan the  mortgagor's      
   eligibility  to  obtain  a tax deferral under the Senior Citizens Real      
   Estate  Tax  Deferral  Act  may  be  adversely   affected.   Effective      
   immediately.                                                                
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


   END OF INQUIRY 



 Full Text  Bill Status