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Public Act 102-0365
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| SB1779 Enrolled | LRB102 14620 JLS 19973 b |
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AN ACT concerning business.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Consumer Fraud and Deceptive Business |
Practices Act is amended by adding Section 2WWW as follows:
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(815 ILCS 505/2WWW new) |
Sec. 2WWW. Disclosure requirements for manufactured homes. |
(a) A lender, or agent of a lending company, when offering |
terms for a mortgage note for the purchase of a manufactured |
home, as defined in the Mobile Home Park Act, that has not been |
caused to be deemed to be real property by satisfying the |
requirements of the Conveyance and Encumbrance of Manufactured |
Homes as Real Property and Severance Act, shall disclose: |
(1) any affiliation between the landlord and the |
lending company; |
(2) that the loan is a chattel loan; |
(3) that the terms of a chattel loan prohibit |
refinancing; |
(4) that, depending on where the consumer affixes the |
manufactured home (be it property owned by the consumer or |
on certain types of leased land), the manufactured home |
may qualify as real property under the Conveyance and |
Encumbrance of Manufactured Homes as Real Property and |