92nd General Assembly
Summary of SB1269
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
Senate Sponsors:
LUECHTEFELD-KLEMM.

House Sponsors:
BURKE-SCHOENBERG-BLACK-FRITCHEY-MOFFITT

Short description: 
STATE MONEYS ACT-HOME LOANS                                                

Synopsis of Bill as introduced:
        Amends the State Treasurer Act.  Makes a  grammatical  change  in      
   the Section regarding bond.                                                 
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          15 ILCS 505/1                                                        
          Adds reference to:                                                   
          15 ILCS 520/7                   from Ch. 130, par. 26                
        Deletes everything.  Amends the  Deposit  of  State  Moneys  Act.      
   Changes home loan programs by which financial institutions may qualify      
   as State depositories.  Provides that the mortgaged property may house      
   up  to 4 families, rather than one family.  Provides that loans may be      
   for Illinois citizens who have defaulted on a mortgage  because  of  a      
   financial  hardship  due  to circumstances beyond their control or who      
   can be made current on mortgages in arrears, as well as  citizens  who      
   cannot  qualify  for mortgages at prevailing rates.  Specifies factors      
   for determining eligibility.  Effective immediately.                        
 
Last action on Bill: PUBLIC ACT.............................. 92-0531

   Last action date: FEB-08-2002

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


   END OF INQUIRY 



 Full Text  Bill Status