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91_HB0063
LRB9100535NTsb
1 AN ACT to create the Land Banking Beneficial Disclosure
2 Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 1. Short title. This Act may be cited as the
6 Land Banking Beneficial Disclosure Act.
7 Section 5. Land trust; statement. No agreement or
8 understanding of any kind may be made or entered into by any
9 department or agency of the State of Illinois with any
10 trustee of a land trust, or any beneficiary or beneficiaries
11 of a land trust, when the land that is the subject of the
12 trust, or any interest in or improvement to the land, is
13 intended for use as a correctional facility or for airport
14 purposes, until the beneficial interests in the property or
15 land trust have been fully disclosed in a written statement
16 to the department or agency. The disclosure statement shall
17 identify each beneficiary of the land trust by name and
18 address and define his or her interest therein. The
19 statement shall be verified by the trustee or by the
20 beneficiary as a beneficial owner of an interest in the land
21 trust. If the statement is filed by a body politic or other
22 corporate entity, it shall be verified by a duly authorized
23 officer of the body politic or other corporate entity for
24 which the statement is made. The trustee shall file the
25 disclosure statement with the recorder of deeds of the county
26 in which the property is located within 30 days after the
27 parties execute the purchase agreement for the property.
28 This Act does not preclude a department or agency of the
29 State of Illinois from making an offer to acquire property,
30 provided that the purchase agreement shall not be effective
31 until the disclosure statement has been delivered to the
-2- LRB9100535NTsb
1 department or agency.
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.