+ − Summary
+ − Full Texts (3)
+ − Actions (59)
- Public Act . . . . . . . . . 94-0822
- Effective Date January 1, 2007
- Governor Approved
- Sent to the Governor
- Passed Both Houses
- House Floor Amendment No. 2 Senate Concurs 051-000-000
- House Committee Amendment No. 1 Senate Concurs 051-000-000
- House Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Financial Institutions; 009-000-000
- House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 009-000-000
- Third Reading - Short Debate - Passed 081-027-007
- Secretary's Desk - Concurrence House Amendment(s) 01,02
- Placed on Calendar Order of Concurrence House Amendment(s) 01,02-April 7, 2006
- House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
- House Committee Amendment No. 1 Motion to Concur Referred to Rules
- House Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
- House Floor Amendment No. 2 Motion to Concur Referred to Rules
- House Committee Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions
- House Floor Amendment No. 2 Motion to Concur Rules Referred to Financial Institutions
- Placed on Calendar Order of 3rd Reading - Short Debate
- House Floor Amendment No. 2 Adopted by Voice Vote
- Second Reading - Short Debate
- Final Action Deadline Extended-9(b) April 7, 2006
- House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
- House Floor Amendment No. 2 Referred to Rules Committee
- House Floor Amendment No. 2 Filed with Clerk by Rep. Marlow H. Colvin
- Placed on Calendar 2nd Reading - Short Debate
- Do Pass as Amended / Short Debate Consumer Protection Committee; 008-004-000
- House Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote
- House Committee Amendment No. 1 Filed with Clerk by Consumer Protection Committee
- Alternate Chief Co-Sponsor Removed Rep. Eddie Washington
- Assigned to Consumer Protection Committee
- Referred to Rules Committee
- First Reading
- Placed on Calendar Order of First Reading
- Arrived in House
- Senate Committee Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
- Senate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
- Third Reading - Passed; 056-000-000
- Placed on Calendar Order of 3rd Reading March 2, 2006
- Senate Floor Amendment No. 3 Adopted; Collins
- Second Reading
- Senate Floor Amendment No. 3 Recommend Do Adopt Financial Institutions; 008-000-000
- Senate Floor Amendment No. 3 Rules Refers to Financial Institutions
- Senate Floor Amendment No. 3 Filed with Secretary by Sen. Jacqueline Y. Collins
- Senate Floor Amendment No. 3 Referred to Rules
- Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Rules
- Placed on Calendar Order of 2nd Reading February 22, 2006
- Do Pass Financial Institutions; 009-000-000
- Senate Committee Amendment No. 1 Held in Financial Institutions
- Senate Committee Amendment No. 2 Referred to Rules
- Senate Committee Amendment No. 2 Filed with Secretary by Sen. Jacqueline Y. Collins
- Senate Committee Amendment No. 1 Rules Refers to Financial Institutions
- Senate Committee Amendment No. 1 Referred to Rules
- Senate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
- Assigned to Financial Institutions
- Referred to Rules
- First Reading
- Chief Co-Sponsor Sen. Terry Link
- Filed with Secretary by Sen. Jacqueline Y. Collins
+ − Adopted Amendments (5)
House Committee Amendment No. 1
In the definition of "distressed property consultant", provides that a "distressed property consultant" does not include a 501(c)(3) nonprofit agency or organization, doing business for no less than 5 years, that offers counseling or advice to an owner of a distressed property (instead of a home in foreclosure or loan default), if they do not contract for services with for-profit lenders or distressed property purchasers, or any person who structures or plans such a transaction. Changes the definition of "distressed property purchaser" to include any person who participates in a joint venture or joint enterprise involving a distressed property conveyance (instead of structures or plans a distressed property conveyance). Removes language providing that if the contract is not recorded, the contract and any conveyance made or given pursuant to the terms of the contract are void ab initio. Makes other changes. Effective January 1, 2007.
House Committee Amendment No. 1
In the definition of "distressed property consultant", provides that a "distressed property consultant" does not include a 501(c)(3) nonprofit agency or organization, doing business for no less than 5 years, that offers counseling or advice to an owner of a distressed property (instead of a home in foreclosure or loan default), if they do not contract for services with for-profit lenders or distressed property purchasers, or any person who structures or plans such a transaction. Changes the definition of "distressed property purchaser" to include any person who participates in a joint venture or joint enterprise involving a distressed property conveyance (instead of structures or plans a distressed property conveyance). Removes language providing that if the contract is not recorded, the contract and any conveyance made or given pursuant to the terms of the contract are void ab initio. Makes other changes. Effective January 1, 2007.
Senate Floor Amendment No. 3
Replaces everything after the enacting clause. Reinserts the provisions of the original bill with the following changes. Changes references from "reconveyance" to "conveyance". Provides that if the contract for the distressed property is not recorded, the contract and any conveyance made or given pursuant to the terms of the contract are void. Prohibits a distressed property purchaser from entering into a contract for distressed property unless the owner of the distressed property has a reasonable ability to pay for the subsequent conveyance of an interest back to the owner of the distressed property and to make monthly or any other required payments due prior to that time. Prohibits a distressed property purchaser from causing the property to be conveyed or incumbered without the knowledge or permission of the distressed property owner or in any way frustrate the ability of the distressed property owner to complete the conveyance back to the distressed property owner. Provides that the remedies under the Act are not exclusive, but cumulative and all other applicable claims, including, but not limited to, those brought under the direction of equitable mortgage, are specifically preserved. Makes other changes. Effective January 1, 2007.
+ − Statutes Amended (2)
- New Act -
- 815 ILCS 505/2Z - from Ch. 121 1/2, par. 262Z