Top Legislation - View All
Latest Action: 11/24/2008 - Added Co-Sponsor Rep. Monique D. Davis Bill TextREGULATION-TECH Amends the Public Utilities Act. Makes a technical change in a Section concerning the reading of meters. House Amendment No. 1 Deletes reference to: 220 ILCS 5/8-302Adds reference to: 220 ILCS 5/16-131 new Replaces everything after the enacting clause. Amends the Electric Service Customer Choice and Rate Relief Law of 1997 in the Public Utilities Act. Provides that the Illinois Commerce Commission shall implement and maintain a consumer education program for energy [...] show full description
Latest Action: 02/22/2007 - Added as Co-Sponsor Sen. Matt Murphy Bill Text
PROOF OF CITIZENSHIP
Creates the State Employee Proof of Citizenship Act. Specifies proof of citizenship necessary to begin State employment. Amends the Election Code. Specifies the proof of citizenship necessary to register to vote and requires presentation of identification documents when a person votes. Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall not acquire, contract for, and enter into any commitment to acquire a residential mortgage from a lending institution and shall not make any loan to a lending institution or individual if the residential mortgage is for any individual who is not a citizen or legal resident of the United States. Amends the Covering ALL KIDS Health Insurance Act. Provides that to be eligible for the Covering ALL KIDS Health Insurance Program, a child must be a citizen of the United States. Effective July 1, 2007.
Latest Action: 11/28/2007 - Added as Co-Sponsor Sen. Christine Radogno Bill Text
IHDA-LOANS-ILLEGAL IMMIGRANTS
Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall not acquire, and contract and enter into, any commitment to acquire a residential mortgage from a lending institution and shall not make any loan to a lending institution or individual if the residential mortgage is for any individual who is not a citizen or legal resident of the United States. Effective immediately.
Latest Action: 03/16/2007 - Rule 3-9(a) / Re-referred to Rules Bill TextREAL EST-NOTICE OF SETTLEMENT Amends the Conveyances Act. Provides that a party to a real estate settlement that will convey legal or equitable title to real estate or any interest in real estate or create any lien on real estate by way of a mortgage may record a notice of real estate settlement with the recorder of deeds of the county in which the real estate is located. Permits the recorder of deeds to charge a fee for recording a notice of real estate settlement not to exceed the fee to record a federal tax lien. Provides the notice of real estate settlement form. Provides that, after the filing of a notice of real estate settlement, any person claiming title to, an interest in, or a lien upon the real estate described in the notice through any party in the notice shall be deemed to have acquired the title, interest, or lien with knowledge of the anticipated settlement and shall be subject to the terms, conditions, and provisions of the deed or mortgage between the parties [...] show full description
Latest Action: 08/27/2007 - Effective Date August 27, 2007 Bill TextREAL PROP ELECTRONIC RECORDING Creates the Uniform Real Property Electronic Recording Act. Provides that a recorder may receive, index, store, archive, and transmit documents eligible to be recorded in the recorder's land records in the form of electronic documents, subject to certain requirements. Provides that, if a law requires a document eligible to be recorded in the recorder's land records to be an original, on paper or other tangible medium, or in writing, the requirement is satisfied by an electronic document satisfying the Act. Provides that, if a law requires that such a document be signed, the requirement is satisfied by an electronic signature. Provides that a requirement that a document or a signature be notarized, acknowledged, verified, witnessed, or made under oath is satisfied if the appropriate electronic signature and other required information is attached to or logically associated with the document or signature. Provides that the Illinois Electronic Recording [...] show full description
Latest Action: 08/21/2007 - Governor Approved Bill TextPROC CD-MORTGAGE INS Amends the Illinois Procurement Code. Provides that a contract for bond or mortgage insurance relating to housing may be entered into for any period of time less than or equal to the maximum period of time that the subject bonds or mortgage may remain outstanding. Effective immediately. House Amendment No. 1 Deletes everything after the enacting clause. Amends the Illinois Procurement Code. Provides that a contract for bond or mortgage insurance awarded by the Illinois Housing Development Authority may be entered into for any period of time less than or equal to the maximum period of time that the subject bond or mortgage may remain outstanding. Effective immediately. House Amendment No. 3 Adds reference to: 30 ILCS 575/2 show full description
Latest Action: 01/08/2008 - Effective Date January 8, 2008 Bill TextCIV PRO-FORECLOSE VOL DISMISS Amends the Code of Civil Procedure. Provides that when a plaintiff voluntarily dismisses a mortgage foreclosure action after a court found that a condominium or community association or another entity has a judgment against the defendant that is junior to the judgment entered in favor of the plaintiff, the plaintiff's voluntary dismissal of the foreclosure action shall not apply to the judgment that is junior to the plaintiff's judgment. House Amendment No. 3 Deletes reference to: 735 ILCS 5/15-1506.1 newAdds reference to: 735 ILCS [...] show full description
Latest Action: 08/28/2007 - Governor Approved Bill TextINSCODE-NOTICE Amends the Illinois Insurance Code. Provides that if an insurer fails to provide the notice required by this provision regarding terms, conditions, and premium between 30 and 60 days in advance of the expiration date on the policy declaration page, the current expiration date must be extended with no changes to allow 60 days notice of an increase in the premium of 30% or more (now, the company must extend the current policy under the same terms, conditions, and premium to allow 60 days notice of renewal and provide the actual renewal premium quotation and any change in coverage or deductible on the policy). Provides that if any insurer fails to provide at least 30 days notice prior to the expiration date on the policy declaration page, the insurer may not change any terms, conditions, or increase the premium by 30% or more for one full year of the renewal policy term. Also provides that if the policy is not mailed to the insured or the insured's agent prior to [...] show full description
Latest Action: 03/16/2007 - Rule 3-9(a) / Re-referred to Rules Bill Text
FINAN REG-LOAN ORIGINATORS REG
Amends the Residential Mortgage License Act of 1987. Provides that certain loan originators that are now exempt shall be subject to registration. Provides that an employee of a loan originator is exempt from registration.
Latest Action: 05/31/2008 - Rule 2-10 Third Reading Deadline Established As January 13, 2009 Bill Text
MORTGAGE-TAX ESCROW INTEREST
Amends the Mortgage Escrow Account Act. Provides that if any mortgage lender requires that a borrower maintain an escrow account, the mortgage lender must pay the borrower interest on the monies that the borrower paid into the escrow account for property tax purposes. Provides that the mortgage lender shall pay interest at the rate of 3% per annum or the lender's passbook savings account rate, whichever is greater, calculate the interest monthly, and pay the interest at least quarterly.
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Latest Legislation - View All
Latest Action: 11/18/2008 - Filed with the Clerk by Rep. LaShawn K. Ford Bill Text
FORECLOSURE-DEEDS-NOTICE
Amends the Code of Civil Procedure. Provides that any deed executed pursuant to the Mortgage Foreclosure Article or judgment vesting title by a consent foreclosure shall state the grantee's or mortgagee's name (and the name of a contact person), street and mailing addresses, and telephone number. Upon the receipt of a judgment vesting title by a consent foreclosure or deed executed pursuant to the Mortgage Foreclosure Article, the grantee or mortgagee shall post on the property, while the property is vacant, a notice that states the name (and the name of a contact person), street and mailing addresses, and telephone number of the grantee or mortgagee. Effective immediately.
Latest Action: 09/26/2008 - Added Co-Sponsor Rep. Rosemary Mulligan Bill Text
IDHA-REFINANCE MORTGAGE
Amends the Illinois Housing Development Act. Provides that the Authority must use at least $1,000,000,000 of its borrowing authority to refinance residential adjustable-rate mortgages with increased interest rates that take effect within 5 years after the effective date of the amendatory Act. Provides that the Authority must work with entities in the private sector to make and manage the loans. Effective immediately.
Latest Action: 05/19/2008 - First Reading Bill Text
STATE FUNDS-DEPOSIT-MORTGAGES
Amends the Deposit of State Moneys Act. Requires the State Treasurer to implement and administer, by rule, a program requiring financial institutions to make mortgage loans on residential property in order for that financial institution to be eligible for investment of State funds in that financial institution. Requires the rules to contain provisions concerning not rejecting residential mortgage loans because of the location of the property, minimum assets to be invested in residential mortgage loans, minimum annual new residential mortgage loans, and reporting and auditing. Requires the Treasurer to report annually to the General Assembly. Effective immediately.
Latest Action: 11/20/2008 - Resolution Adopted Bill Text
SUB-PRIME ARM RESET MORATORIUM
Urges Congress to enact a 2-year moratorium on interest rate reset increases under sub-prime adjustable rate mortgage home loans.
Latest Action: 05/13/2008 - First Reading Bill Text
PROP TAX-DUPLICATE BILLS
Provides that the collector shall assess a fee of up to $5 for each duplicate tax bill (instead of each duplicate tax bill provided to any mortgage lender who is not the property owner of record). Effective immediately.
Latest Action: 05/31/2008 - Rule 19(a) / Re-referred to Rules Committee Bill Text
CIV PRO-MTGE FORECLOSURE-COOK
Amends the Code of Civil Procedure. Provides that in counties with a population of 3 million or more, the demand for possession or for rent required in a forcible entry and detainer action, and the notice of foreclosure, foreclosure complaint, and notice of judicial sale in mortgage foreclosure proceedings, shall state the name and date of birth of each known occupant of the premises and the name of each known occupant who has a disability. Provides that a judgment of foreclosure may include special matters including, but not limited to, in counties with a population of 3 million or more, whether any known occupant is age 14 or younger, age 65 or older, or disabled. Effective immediately.
Latest Action: 02/15/2008 - First Reading Bill Text
REGULATION-TECH
Amends the Residential Mortgage License Act. In a Section concerning a licensee's name, makes a technical change.
Latest Action: 05/31/2008 - Rule 19(a) / Re-referred to Rules Committee Bill TextIHDA-HOME PROTECTION PILOT Creates the Home Protection Pilot Program Act. Requires the Illinois Housing Development Authority to implement a pilot program to assist Illinois workers who have lost jobs as a result of changing economic conditions in Illinois when those workers are in need of assistance to avoid losing their homes to foreclosure. Provides that the Program shall include counties selected at the discretion of the Authority on the basis of increased rates of foreclosure, actual foreclosure filings, unemployment, the need of local counseling agencies for increased capacity to serve clients in need of assistance to avoid losing their homes to foreclosure, the availability of funding, and other factors the Authority determines to be relevant. Provides for loans to homeowners secured by liens on residential real property located in Illinois, and prohibits a mortgagee from engaging in certain conduct upon a mortgagor's filing of an application for loan assistance. Sets [...] show full description
Latest Action: 11/20/2008 - Added Alternate Co-Sponsor Rep. Naomi D. Jakobsson Bill TextCIVIL LAW-TECH Amends the Conveyances Act. Makes a technical change to a Section concerning deeds, mortgages, and other instruments. Senate Floor Amendment No. 2 Deletes reference to: 765 ILCS 5/30Adds reference to: 760 ILCS 5/5.4 new Deletes everything after the enacting clause. Amends the Trusts and Trustees Act. Provides that a spendthrift trust is created by a settlor who irrevocably transfers property to a trust having at least one State-authorized corporate trustee that [...] show full description
Latest Action: 07/01/2008 - Pursuant to Senate Rule 3-9(b) / Referred to Rules Bill TextIHDA-FORECLOSURE COUNSELING Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall establish and administer a foreclosure prevention counseling program and shall use moneys in the Foreclosure Prevention Counseling Fund and funds appropriated for that purpose to make grants to HUD-certified counseling agencies for home-ownership education and foreclosure prevention counseling. Amends the State Finance Act. Creates the Foreclosure Prevention Counseling Fund and provides for allocation of moneys in the Fund. Provides for the payment of license fees of $3,700 annually, including the foreclosure prevention surcharge (instead of $2,700 annually). Amends the Residential Mortgage License Act of 1987. Provides that an application for a license or a license renewal on or after July 1, 2008, shall include payment of a foreclosure prevention surcharge of $1,000. Provides that the surcharge proceeds shall be deposited into the Foreclosure [...] show full description
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