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| Public Act 096-1419 | ||||
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AN ACT concerning civil law.
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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 1. Short title. This amendatory Act may be referred | ||||
to as the Save Our Neighborhoods Act of 2010. | ||||
Section 5. The Illinois Housing Development Act is amended | ||||
by adding Sections 7.30 and 7.31 as follows: | ||||
(20 ILCS 3805/7.30 new) | ||||
Sec. 7.30. Foreclosure Prevention Program. | ||||
(a) The Authority shall establish and administer a | ||||
Foreclosure Prevention Program. The Authority shall use moneys | ||||
in the Foreclosure Prevention Program Fund, and any other funds | ||||
appropriated for this purpose, to make grants to (i) approved | ||||
counseling agencies for approved housing counseling and (ii) | ||||
approved community-based organizations for approved | ||||
foreclosure prevention outreach programs. The Authority shall | ||||
promulgate rules to implement this Program and may adopt | ||||
emergency rules as soon as practicable to begin implementation | ||||
of the Program. | ||||
(b) Subject to
appropriation, the Authority shall make | ||||
grants from the Foreclosure Prevention Program Fund as follows: | ||||
(1) 25% of the moneys in the Fund shall be used to make | ||||
grants to approved counseling agencies that provide | ||
services in Illinois outside of the City of Chicago. Grants | ||
shall be based upon the number of foreclosures filed in an | ||
approved counseling agency's service area, the capacity of | ||
the agency to provide foreclosure counseling services, and | ||
any other factors that the Authority deems appropriate. | ||
(2) 25% of the moneys in the Fund shall be distributed | ||
to the City of Chicago to make grants to approved | ||
counseling agencies located within the City of Chicago for | ||
approved housing counseling or to support foreclosure | ||
prevention counseling programs administered by the City of | ||
Chicago. | ||
(3) 25% of the moneys in the Fund shall be used to make | ||
grants to approved community-based organizations located | ||
outside of the City of Chicago for approved foreclosure | ||
prevention outreach programs. | ||
(4) 25% of the moneys in the Fund shall be used to make | ||
grants to approved community-based organizations located | ||
within the City of Chicago for approved foreclosure | ||
prevention outreach programs. | ||
As used in this Section: | ||
"Approved community-based organization" means a | ||
not-for-profit entity that provides educational and financial | ||
information to residents of a community through in-person | ||
contact. "Approved community-based organization" does not | ||
include a not-for-profit corporation or other entity or person | ||
that provides legal representation or advice in a civil | ||
proceeding or court-sponsored mediation services, or a | ||
governmental agency. | ||
"Approved foreclosure prevention outreach program" means a | ||
program developed by an approved community-based organization | ||
that includes in-person contact with residents to provide (i) | ||
pre-purchase and post-purchase home ownership counseling, (ii) | ||
education about the foreclosure process and the options of a | ||
mortgagor in a foreclosure proceeding, and (iii) programs | ||
developed by an approved community-based organization in | ||
conjunction with a State or federally chartered financial | ||
institution. | ||
(c) As used in this Section, "approved counseling agencies" | ||
and "approved housing counseling" have the meanings ascribed to | ||
those terms in Section 15-1502.5 of the Code of Civil | ||
Procedure. | ||
(20 ILCS 3805/7.31 new) | ||
Sec. 7.31. Abandoned Residential Property Municipality | ||
Relief Program. | ||
(a) The Authority shall establish and administer an | ||
Abandoned Residential Property Municipality Relief Program. | ||
The Authority shall use moneys in the Abandoned Residential | ||
Property Municipality Relief Fund, and any other funds | ||
appropriated for this purpose, to make grants to municipalities | ||
to assist with removal costs and securing or enclosing costs | ||
incurred by the municipality pursuant to Section 11-20-15.1 of | ||
the Illinois Municipal Code, as approved by the Authority under | ||
the Program. The Authority shall promulgate rules for the | ||
administration, operation, and maintenance of the Program and | ||
may adopt emergency rules as soon as practicable to begin | ||
implementation of the Program. | ||
(b) Subject to
appropriation, the Authority shall make | ||
grants from the Abandoned Residential Property Municipality | ||
Relief Fund as follows: | ||
(1) 75% of the moneys in the Fund shall be distributed | ||
to municipalities, other than the City of Chicago, to | ||
assist with removal costs and securing or enclosing costs | ||
incurred by the municipality pursuant to Section | ||
11-20-15.1 of the Illinois Municipal Code. | ||
(2) 25% of the moneys in the Fund shall be distributed | ||
to the City of Chicago to assist with removal costs and | ||
securing or enclosing costs incurred by the municipality | ||
pursuant to Section 11-20-15.1 of the Illinois Municipal | ||
Code. | ||
Section 10. The Illinois Municipal Code is amended by | ||
changing Section 11-20-15.1 as follows: | ||
(65 ILCS 5/11-20-15.1)
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Sec. 11-20-15.1. Lien for costs of removal, securing, and | ||
enclosing on abandoned residential property. | ||
(a) If the municipality elects to incur a removal cost | ||
pursuant to subsection (d) of Section 11-20-7, subsection (d) | ||
of Section 11-20-8, subsection (d) of Section 11-20-12, or | ||
subsection (e) of Section 11-20-13, or a securing or enclosing | ||
cost pursuant to Section 11-31-1.01 with respect to an | ||
abandoned residential property, then that cost is a lien upon | ||
the underlying parcel of that abandoned residential property. | ||
This lien is superior to all other liens and encumbrances, | ||
except tax liens and as otherwise provided in this Section. | ||
(b) To perfect a lien under this Section, the municipality | ||
must, within one year after the cost is incurred for the | ||
activity, file notice of the lien in the office of the recorder | ||
in the county in which the abandoned residential property is | ||
located or, if the abandoned residential property is registered | ||
under the Torrens system, in the office of the Registrar of | ||
Titles of that county, a sworn statement setting out: | ||
(1) a description of the abandoned residential | ||
property that sufficiently identifies the parcel; | ||
(2) the amount of the cost of the activity; | ||
(3) the date or dates when the cost for the activity | ||
was incurred by the municipality; and | ||
(4) a statement that the lien has been filed pursuant | ||
to subsection (d) of Section 11-20-7, subsection (d) of | ||
Section 11-20-8, subsection (d) of Section 11-20-12, | ||
subsection (e) of Section 11-20-13, or Section 11-31-1.01, | ||
as applicable. | ||
If, for any abandoned residential property, the | ||
municipality engaged in any activity on more than one occasion | ||
during the course of one year, then the municipality may | ||
combine any or all of the costs of each of those activities | ||
into a single notice of lien. | ||
(c) To enforce a lien pursuant to this Section, the | ||
municipality must maintain contemporaneous records that | ||
include, at a minimum: (i) a dated statement of finding by the | ||
municipality that the property for which the work is to be | ||
performed has become abandoned residential property, which | ||
shall include (1) the date when the property was first known or | ||
observed to be unoccupied by any lawful occupant or occupants, | ||
(2) a description of the actions taken by the municipality to | ||
contact the legal owner or owners of the property identified on | ||
the recorded mortgage, or, if known, any agent of the owner or | ||
owners, including the dates such actions were taken, and (3) a | ||
statement that no contacts were made with the legal owner or | ||
owners or their agents as a result of such actions, (ii) a | ||
dated certification by an authorized official of the | ||
municipality of the necessity and specific nature of the work | ||
to be performed, (iii) a copy of the agreement with the person | ||
or entity performing the work that includes the legal name of | ||
the person or entity, the rate or rates to be charged for | ||
performing the work, and an estimate of the total cost of the | ||
work to be performed, (iv) detailed invoices and payment | ||
vouchers for all payments made by the municipality for such | ||
work, and (v) a statement as to whether the work was engaged | ||
through a competitive bidding process, and if so, a copy of all | ||
proposals submitted by the bidders for such work. | ||
(d) A lien under this Section shall be enforceable | ||
exclusively at the hearing for confirmation of sale of the | ||
abandoned residential property that is held pursuant to | ||
subsection (b) of Section 15-1508 of the Code of Civil | ||
Procedure and shall be limited to a claim of interest in the | ||
proceeds of the sale and subject to the requirements of this | ||
Section. Any mortgagee who holds a mortgage on the property, or | ||
any beneficiary or trustee who holds a deed of trust on the | ||
property, may contest the lien or the amount of the lien at any | ||
time during the foreclosure proceeding upon motion and notice | ||
in accordance with court rules applicable to motions generally. | ||
Grounds for forfeiture of the lien or the superior status of | ||
the lien granted by subsection (a) of this Section shall | ||
include, but not be limited to, a finding by the court that: | ||
(i) the municipality has not complied with subsection (b) or | ||
(c) of this Section, (ii) the scope of the work was not | ||
reasonable under the circumstances, (iii) the work exceeded the | ||
authorization for the work to be performed under subsection (a) | ||
of Section 11-20-7, subsection (a) of Section 11-20-8, | ||
subsection (a) of Section 11-20-12, subsection (a) of Section | ||
11-20-13, or subsection (a) of Section 11-31-1.01, as | ||
applicable, or (iv) the cost of the services rendered or | ||
materials provided was not commercially reasonable. Forfeiture | ||
of the superior status of the lien otherwise granted by this | ||
Section shall not constitute a forfeiture of the lien as a | ||
subordinate lien. | ||
(e) Upon payment of the amount of a lien filed under this | ||
Section by the mortgagee, servicer, owner, or any other person, | ||
the municipality shall release the lien, and the release may be | ||
filed of record by the person making such payment at the | ||
person's sole expense as in the case of filing notice of lien. | ||
(f) Notwithstanding any other provision of this Section, a | ||
municipality may not file a lien pursuant to this Section for | ||
activities performed pursuant to Section 11-20-7, Section | ||
11-20-8, Section 11-20-12, Section 11-20-13, or Section | ||
11-31-1.01, if: (i) the mortgagee or servicer of the abandoned | ||
residential property has provided notice to the municipality | ||
that the mortgagee or servicer has performed or will perform | ||
the remedial actions specified in the notice that the | ||
municipality otherwise might perform pursuant to subsection | ||
(d) of Section 11-20-7, subsection (d) of Section 11-20-8, | ||
subsection (d) of Section 11-20-12, subsection (e) of Section | ||
11-20-13, or Section 11-31-1.01, provided that the remedial | ||
actions specified in the notice have been performed or are | ||
performed or initiated in good faith within 30 days of such | ||
notice; or (ii) the municipality has provided notice to the | ||
mortgagee or servicer of a problem with the property requiring | ||
the remedial actions specified in the notice that the | ||
municipality otherwise would perform pursuant to subsection | ||
(d) of Section 11-20-7, subsection (d) of Section 11-20-8, | ||
subsection (d) of Section 11-20-12, subsection (e) of Section | ||
11-20-13, or Section 11-31-1.01, and the mortgagee or servicer | ||
has performed or performs or initiates in good faith the | ||
remedial actions specified in the notice within 30 days of such | ||
notice. | ||
(g) This Section and subsection (d) of Section 11-20-7, | ||
subsection (d) of Section 11-20-8, subsection (d) of Section | ||
11-20-12, subsection (e) of Section 11-20-13, or Section | ||
11-31-1.01 shall apply only to activities performed, costs | ||
incurred, and liens filed after the effective date of this | ||
amendatory Act of the 96th General Assembly. | ||
(h) For the purposes of this Section and subsection (d) of | ||
Section 11-20-7, subsection (d) of Section 11-20-8, subsection | ||
(d) of Section 11-20-12, subsection (e) of Section 11-20-13, or | ||
Section 11-31-1.01: | ||
"Abandoned residential property" means any type of | ||
permanent residential dwelling unit, including detached single | ||
family structures, and townhouses, condominium units and | ||
multifamily rental apartments covering the entire property, | ||
and manufactured homes treated under Illinois law as real | ||
estate and not as personal property, that has been unoccupied | ||
by any lawful occupant or occupants for at least 90 days, and | ||
for which after such 90 day period, the municipality has made | ||
good faith efforts to contact the legal owner or owners of the | ||
property identified on the recorded mortgage, or, if known, any | ||
agent of the owner or owners, and no contact has been made. A | ||
property for which the municipality has been given notice of | ||
the order of confirmation of sale pursuant to subsection (b-10) | ||
of Section 15-1508 of the Code of Civil Procedure shall not be | ||
deemed to be an abandoned residential property for the purposes | ||
of subsection (d) of Section 11-20-7, subsection (d) of Section | ||
11-20-8, subsection (d) of Section 11-20-12, subsection (e) of | ||
Section 11-20-13, and Section 11-31-1.01 of this Code. | ||
"MERS program" means the nationwide Mortgage Electronic | ||
Registration System approved by Fannie Mae, Freddie Mac, and | ||
Ginnie Mae that has been created by the mortgage banking | ||
industry with the mission of registering every mortgage loan in | ||
the United States to lawfully make information concerning each | ||
residential mortgage loan and the property securing it | ||
available by Internet access to mortgage originators, | ||
servicers, warehouse lenders, wholesale lenders, retail | ||
lenders, document custodians, settlement agents, title | ||
companies, insurers, investors, county recorders, units of | ||
local government, and consumers. | ||
(i) Any entity or person who performs a removal, securing, | ||
or enclosing activity pursuant to the authority of a | ||
municipality under subsection (d) of Section 11-20-7, | ||
subsection (d) of Section 11-20-8, subsection (d) of Section | ||
11-20-12, subsection (e) of Section 11-20-13, or Section | ||
11-31-1.01, may, in its, his, or her own name, file a lien | ||
pursuant to subsection (b) of this Section and appear in a | ||
foreclosure action on that lien pursuant to subsection (d) of | ||
this Section in the place of the municipality, provided that | ||
the municipality shall remain subject to subsection (c) of this | ||
Section, and such party shall be subject to all of the | ||
provisions in this Section as if such party were the | ||
municipality. | ||
(i-5) All amounts received by the municipality for costs | ||
incurred pursuant to this Section
for which the municipality | ||
has been reimbursed under Section 7.31 of the Illinois Housing | ||
Development Act
shall be remitted to the State Treasurer for | ||
deposit into the Abandoned Residential Property
Municipality | ||
Relief Fund. | ||
(j) If prior to subsection (d) of Section 11-20-7, | ||
subsection (d) of Section 11-20-8, subsection (d) of Section | ||
11-20-12, and subsection (e) of Section 11-20-13 becoming | ||
inoperative a lien is filed pursuant to any of those | ||
subsections, then the lien shall remain in full force and | ||
effect after the subsections have become inoperative, subject | ||
to all of the provisions of this Section. If prior to the | ||
repeal of Section 11-31-1.01 a lien is filed pursuant to | ||
Section 11-31-1.01, then the lien shall remain in full force | ||
and effect after the repeal of Section 11-31-1.01, subject to | ||
all of the provisions of this Section.
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(Source: P.A. 96-856, eff. 3-1-10.) | ||
Section 15. The Code of Civil Procedure is amended by | ||
changing Section 15-1502.5 and by adding Sections 15-1504.1 and | ||
15-1507.1 as follows: | ||
(735 ILCS 5/15-1502.5) | ||
(Section scheduled to be repealed on April 6, 2011) | ||
Sec. 15-1502.5. Homeowner protection. | ||
(a) As used in this Section: | ||
"Approved counseling agency" means a housing counseling | ||
agency approved by the U.S. Department of Housing and Urban | ||
Development. | ||
"Approved Housing Counseling" means in-person counseling | ||
provided by a counselor employed by an approved counseling | ||
agency to all borrowers, or documented telephone counseling | ||
where a hardship would be imposed on one or more borrowers. A | ||
hardship shall exist in instances in which the borrower is | ||
confined to his or her home due to medical conditions, as | ||
verified in writing by a physician or the borrower resides 50 | ||
miles or more from the nearest approved counseling agency. In | ||
instances of telephone counseling, the borrower must supply all | ||
necessary documents to the counselor at least 72 hours prior to | ||
the scheduled telephone counseling session. | ||
"Delinquent" means past due with respect to a payment on a | ||
mortgage secured by residential real estate. | ||
"Department" means the Department of Financial and | ||
Professional Regulation. | ||
"Secretary" means the Secretary of Financial and | ||
Professional Regulation or other person authorized to act in | ||
the Secretary's stead. | ||
"Sustainable loan workout plan" means a plan that the | ||
mortgagor and approved counseling agency believe shall enable | ||
the mortgagor to stay current on his or her mortgage payments | ||
for the foreseeable future when taking into account the | ||
mortgagor income and existing and foreseeable debts. A | ||
sustainable loan workout plan may include, but is not limited | ||
to, (1) a temporary suspension of payments, (2) a lengthened | ||
loan term, (3) a lowered or frozen interest rate, (4) a | ||
principal write down, (5) a repayment plan to pay the existing | ||
loan in full, (6) deferred payments, or (7) refinancing into a | ||
new affordable loan. | ||
(b) Except in the circumstance in which a mortgagor has | ||
filed a petition for relief under the United States Bankruptcy | ||
Code, no mortgagee shall file a complaint to foreclose a | ||
mortgage secured by residential real estate until the | ||
requirements of this Section have been satisfied. | ||
(c) Notwithstanding any other provision to the contrary, | ||
with respect to a particular mortgage secured by residential | ||
real estate, the procedures and forbearances described in this | ||
Section apply only once per subject mortgage. | ||
Except for mortgages secured by residential real estate in | ||
which any mortgagor has filed for relief under the United | ||
States Bankruptcy Code, if a mortgage secured by residential | ||
real estate becomes delinquent by more than 30 days the | ||
mortgagee shall send via U.S. mail a notice advising the | ||
mortgagor that he or she may wish to seek approved housing | ||
counseling. Notwithstanding anything to the contrary in this | ||
Section, nothing shall preclude the mortgagor and mortgagee | ||
from communicating with each other during the initial 30 days | ||
of delinquency or reaching agreement on a sustainable loan | ||
workout plan, or both. | ||
No foreclosure action under Part 15 of Article XV of the | ||
Code of Civil Procedure shall be instituted on a mortgage | ||
secured by residential real estate before mailing the notice | ||
described in this subsection (c). | ||
The notice required in this subsection (c) shall state the | ||
date on which the notice was mailed, shall be headed in bold | ||
14-point type "GRACE PERIOD NOTICE", and shall state the | ||
following in 14-point type:
"YOUR LOAN IS MORE THAN 30 DAYS | ||
PAST DUE. YOU MAY BE EXPERIENCING FINANCIAL DIFFICULTY. IT MAY | ||
BE IN YOUR BEST INTEREST TO SEEK APPROVED HOUSING COUNSELING. | ||
YOU HAVE A GRACE PERIOD OF 30 DAYS FROM THE DATE OF THIS NOTICE | ||
TO OBTAIN APPROVED HOUSING COUNSELING. DURING THE GRACE PERIOD, | ||
THE LAW PROHIBITS US FROM TAKING ANY LEGAL ACTION AGAINST YOU. | ||
YOU MAY BE ENTITLED TO AN ADDITIONAL 30 DAY GRACE PERIOD IF YOU | ||
OBTAIN HOUSING COUNSELING FROM AN APPROVED HOUSING COUNSELING | ||
AGENCY.
A LIST OF APPROVED COUNSELING AGENCIES MAY BE OBTAINED | ||
FROM THE ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL | ||
REGULATION." | ||
The notice shall also list the Department's current | ||
consumer hotline, the Department's website, and the telephone | ||
number, fax number, and mailing address of the mortgagee. No | ||
language, other than language substantially similar to the | ||
language prescribed in this subsection (c), shall be included | ||
in the notice. Notwithstanding any other provision to the | ||
contrary, the grace period notice required by this subsection | ||
(c) may be combined with a counseling notification required | ||
under federal law. | ||
The sending of the notice required under this subsection | ||
(c) means depositing or causing to be deposited into the United | ||
States mail an envelope with first-class postage prepaid that | ||
contains the document to be delivered. The envelope shall be | ||
addressed to the mortgagor at the common address of the | ||
residential real estate securing the mortgage. | ||
(d) Until 30 days after mailing the notice provided for | ||
under subsection (c) of this Section, no legal action shall be | ||
instituted under Part 15 of Article XV of the Code of Civil | ||
Procedure. | ||
(e) If, within the 30-day period provided under subsection | ||
(d) of this Section, an approved counseling agency provides | ||
written notice to the mortgagee that the mortgagor is seeking | ||
approved counseling services, then no legal action under Part | ||
15 of Article XV of the Code of Civil Procedure shall be | ||
instituted for 30 days after the date of that notice. The date | ||
that such notice is sent shall be stated in the notice, and | ||
shall be sent to the address or fax number contained in the | ||
Grace Period Notice required under subsection (c) of this | ||
Section. During the 30-day period provided under this | ||
subsection (e), the mortgagor or counselor or both may prepare | ||
and proffer to the mortgagee a proposed sustainable loan | ||
workout plan. The mortgagee will then determine whether to | ||
accept the proposed sustainable loan workout plan. If the | ||
mortgagee and the mortgagor agree to a sustainable loan workout | ||
plan, then no legal action under Part 15 of Article XV of the | ||
Code of Civil Procedure shall be instituted for as long as the | ||
sustainable loan workout plan is complied with by the | ||
mortgagor. | ||
The agreed sustainable loan workout plan and any | ||
modifications thereto must be in writing and signed by the | ||
mortgagee and the mortgagor. | ||
Upon written notice to the mortgagee, the mortgagor may | ||
change approved counseling agencies, but such a change does not | ||
entitle the mortgagor to any additional period of forbearance. | ||
(f) If the mortgagor fails to comply with the sustainable | ||
loan workout plan, then nothing in this Section shall be | ||
construed to impair the legal rights of the mortgagee to | ||
enforce the contract. | ||
(g) A counselor employed by a housing counseling agency or | ||
the housing counseling agency that in good faith provides | ||
counseling shall not be liable to a mortgagee or mortgagor for | ||
civil damages, except for willful or wanton misconduct on the | ||
part of the counselor in providing the counseling. | ||
(h) There shall be no waiver of any provision of this | ||
Section. | ||
(i) It is the General Assembly's intent that compliance | ||
with this Section shall not prejudice a mortgagee in ratings of | ||
its bad debt collection or calculation standards or policies. | ||
(j) This Section shall not apply, or shall cease to apply, | ||
to residential real estate that is not occupied as a principal | ||
residence by the mortgagor. | ||
(k) This Section is repealed July 1, 2013 2 years after the | ||
effective date of this amendatory Act of the 95th General | ||
Assembly.
| ||
(Source: P.A. 95-1047, eff. 4-6-09.) | ||
(735 ILCS 5/15-1504.1 new) | ||
Sec. 15-1504.1. Filing fee for Foreclosure Prevention | ||
Program Fund. | ||
(a) With respect to residential real estate, at the time of | ||
the filing of a foreclosure complaint, the plaintiff shall pay | ||
to the clerk of the court in which the foreclosure complaint is | ||
filed a fee of $50 for deposit into the Foreclosure Prevention | ||
Program Fund, a special
fund created in the State treasury. The | ||
clerk shall remit the fee to the State Treasurer as provided in | ||
this Section to be expended for the purposes set forth in | ||
Section 7.30 of the Illinois Housing Development Act. All fees | ||
paid by plaintiffs to the clerk of the court as provided in | ||
this Section shall be disbursed within 60 days after receipt by | ||
the clerk of the court as follows: (i) 98% to the State | ||
Treasurer for deposit into the Foreclosure Prevention | ||
Counseling Program Fund, and (ii) 2% to the clerk of the court | ||
for administrative expenses related to implementation of this | ||
Section. | ||
(b) Not later than March 1 of each year, the clerk of the | ||
court shall submit to the Illinois Housing Development | ||
Authority a report of the funds collected and remitted pursuant | ||
to this Section during the preceding year. | ||
(735 ILCS 5/15-1507.1 new) | ||
Sec. 15-1507.1. Judicial sale fee for Abandoned | ||
Residential Property Municipality Relief Fund. | ||
(a) Upon and at the sale of residential real estate under | ||
Section 15-1507, the purchaser shall pay to the person | ||
conducting the sale pursuant to Section 15-1507 a fee for | ||
deposit into the Abandoned Residential Property Municipality | ||
Relief Fund, a special
fund created in the State treasury. The | ||
fee shall be calculated at the rate of $1 for each $1,000 or | ||
fraction thereof of the amount paid by the purchaser to the | ||
person conducting the sale, as reflected in the receipt of sale | ||
issued to the purchaser, provided that in no event shall the | ||
fee exceed $300. No fee shall be paid by the mortgagee | ||
acquiring the residential real estate pursuant to its credit | ||
bid at the sale or by any mortgagee, judgment creditor, or | ||
other lienor acquiring the residential real estate whose rights | ||
in and to the residential real estate arose prior to the sale. | ||
Upon confirmation of the sale under Section 15-1508, the person | ||
conducting the sale shall remit the fee to the clerk of the | ||
court in which the foreclosure case is pending. The clerk shall | ||
remit the fee to the State Treasurer as provided in this | ||
Section, to be expended for the purposes set forth in Section | ||
7.31 of the Illinois Housing Development Act. | ||
(b) All fees paid by purchasers as provided in this Section | ||
shall be disbursed within 60 days after receipt by the clerk of | ||
the court as follows: (i) 98% to the State Treasurer for | ||
deposit into the Abandoned Residential Property Municipality | ||
Relief Fund, and (ii) 2% to the clerk of the court for | ||
administrative expenses related to implementation of this | ||
Section. | ||
(c) Not later than March 1 of each year, the clerk of the | ||
court shall submit to the Illinois Housing Development | ||
Authority a report of the funds collected and remitted during | ||
the preceding year pursuant to this Section. | ||
(d) Subsections (a) and (b) of this Section shall become | ||
inoperative on January 1, 2016. This Section is repealed on | ||
March 2, 2016. | ||
Section 20. The State Finance Act is amended by adding | ||
Sections 5.755 and 5.756 as follows: | ||
(30 ILCS 105/5.755 new) | ||
Sec. 5.755. The Foreclosure Prevention Program Fund. | ||
(30 ILCS 105/5.756 new) | ||
Sec. 5.756. The Abandoned Residential Property | ||
Municipality Relief Fund. | ||
Section 99. Effective date. This Act takes effect 60 days | ||
after becoming law. | ||