765 ILCS 95/ Mine Subsidence Disclosure Act.

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765 ILCS 95/1

(765 ILCS 95/1) (from Ch. 30, par. 1001)

Sec. 1.

Short title.

This Act may be cited as the Mine Subsidence Disclosure Act.

(Source: P.A. 86-236.)

765 ILCS 95/2

(765 ILCS 95/2) (from Ch. 30, par. 1002)

Sec. 2.

Definitions.

In this Act:

(a) "Lender" means an individual or any other entity that advances funds
secured by an interest in real property or secured by a collateral
assignment of a beneficial interest in an Illinois land trust holding title
to real property.

(b) "Man-made underground mine" includes without limitation coal mines,
clay mines, limestone mines, and fluorspar mines.

(c) "Mine subsidence" means lateral or vertical ground movement that
directly damages a structure and that results from the collapse of a man-made
underground mine. Lateral or vertical ground movement
caused by earthquake, landslide, volcanic eruption, soil conditions, soil
erosion, soil freezing and thawing, improperly compacted soil, construction
defects, roots of trees and shrubs, or collapse of storm or sewer drains or
rapid transit tunnels is not mine subsidence.

(d) "Transfer" means:

(1) a conveyance of an interest in real property by

deed or other instrument;

(2) a lease of real property if the term, when

considering all options that may be exercised, exceeds 40 years;

(3) an assignment, including transfer of the power of

direction, of more than 25% of the beneficial interest in an Illinois land trust;

(4) a mortgage of real property; or

(5) a collateral assignment of a beneficial interest

in an Illinois land trust.

"Transfer" does not, however, include the following:  deeds or trust
documents that, without additional consideration, confirm, correct, modify,
or supplement a deed or trust document previously recorded; tax deeds;
deeds or trust documents of release of property that is security for a
debt or other obligation; deeds of partition; conveyances occurring as a
result of a foreclosure of a mortgage or other lien on real property;
easements; or conveyances of interests in minerals, oil, or gas.

(e) "Transferee" means a buyer, mortgagee, grantee, or lessee of real
property, an assignee of a collateral assignment of a beneficial interest
in an Illinois land trust, or an assignee of a more than 25% beneficial
interest in an Illinois land trust.

(f) "Transferor" means a seller, grantor, mortgagor, or lessor of real
property, an assignor of a collateral assignment of the beneficial interest
in an Illinois land trust, an assignor of a more than 25% beneficial interest
in an Illinois land trust, or, in the case of a transfer by the
trustee of an Illinois land trust, the owner of the beneficial interest in the
land trust.

(g) "Undermined" means that a man-made underground mine
exists below all or part of the surface of real property.

(Source: P.A. 91-357, eff. 7-29-99.)

765 ILCS 95/3

(765 ILCS 95/3) (from Ch. 30, par. 1003)

Sec. 3.

Disclosure.

(a) At the time an agreement to transfer real

property is made, the transferor shall disclose in writing to the transferee and lender all insurance claims paid to the transferor for mine subsidence on the real property.

(b) If the agreement to transfer real property is in

writing, the disclosure shall be part of the agreement.

(c) A waiver of the time requirements for disclosure

or a waiver of disclosure must be in writing and signed by the transferee and lender.

(Source: P.A. 86-236.)

765 ILCS 95/4

(765 ILCS 95/4) (from Ch. 30, par. 1004)

Sec. 4.

Damages.

If a transferor fails to make the disclosures
required by this Act or if a transferor knowingly makes a false disclosure,
the transferee and the lender may each recover from the transferor in a
civil action any actual damages incurred within 5 years after the date of
the transfer.

(Source: P.A. 86-236.)