House Sponsors: MULLIGAN-COULSON-SCHOENBERG-MCAULIFFE-KLINGLER. Senate Sponsors: PARKER-MUNOZ 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: PUBLIC ACT.............................. 92-0577 Last action date: JUN-26-2002 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status