Public Act 102-0365
 
SB1779 EnrolledLRB102 14620 JLS 19973 b


  
    AN ACT concerning business.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  



 
    Section 5. The Consumer Fraud and Deceptive Business 
Practices Act is amended by adding Section 2WWW as follows:
 
    (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 
    Severance Act; and
        (5) any other reason that prohibits refinancing. 
    (b) A violation of this Section constitutes an unlawful 
practice within the meaning of this Act.

Effective Date:  1/1/2022