House Sponsors: BURKE-DELGADO-SCHOENBERG-GASH-MORROW, SHARP, HAMOS, GARRETT, GILES, ACEVEDO, LOPEZ, LYONS,JOSEPH, JONES,LOU AND YOUNGE. Senate Sponsors: O'MALLEY Short description: HOME LOAN COLLATERAL FUND ACT Synopsis of Bill as introduced: Creates the Home Loan Collateral Fund Act. Creates the Home Loan Collateral Fund, which is to be administered by the State Treasurer to provide collateral for Illinois citizens seeking home loans for a home in the State or seeking to avoid foreclosure on an existing home loan for a home in the State. Provides procedures for and restrictions on the administration of the Fund. Amends the State Finance Act to create the special fund in the State treasury. STATE DEBT NOTE (Economic and Fiscal Commission) HB 3868 would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness. HOME RULE NOTE (Dept. of Commerce and Community Affairs) HB 3868 does not relate to the activities of home rule units of government. Therefore, HB 3868 does not pre-empt home rule authority. FISCAL NOTE (Office of Banks and Real Estate) HB 3868 would create no fiscal impact to the Office of Banks and Real Estate. FISCAL NOTE (Dept. of Corrections) There would be no corrections population or fiscal impact. CORRECTIONAL NOTE (Dept. of Corrections) Same as DOC fiscal note. HOUSING AFFORDABILITY NOTE (Housing Development Authority) This legislation will have no impact on the cost of construct- ing, purchasing, owning, or selling a single-family residence. HOUSE AMENDMENT NO. 1. Deletes everything. Creates the Home Loan Collateral Fund Act. Provides that the Home Loan Collateral Fund shall be administered by the State Treasurer to provide collateral for Illinois citizens who have applied for a home loan from a financial institution or who have an existing home loan that requires additional security to avoid foreclosure or other adverse action. Provides that participation in the Fund does not otherwise limit a financial institution's actions with respect to a loan. Requires the State Treasurer to establish rules and procedures for the administration of the Fund and the Home Loan Collateral Fund Act. Amends the State Finance Act to create the Home Loan Collateral Fund. Effective immediately. HOUSING AFFORDABILITY NOTE, H-AM 1 (Housing Development Auth.) Same as previous housing affordability note. FISCAL NOTE, H-AM 1 (Office of Banks and Real Estate) Same as previous note for the Office of Banks and Real Estate. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status