State of Illinois
92^nd General Assembly
Legislation

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92_HB3024eng

 
HB3024 Engrossed                               LRB9208268REdv

 1        AN ACT concerning land disclosure.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 1. Short title. This Act  may  be  cited  as  the
 5    Airport and Correctional Facility Land Disclosure Act.

 6        Section 5. Disclosure required. Neither the State nor any
 7    unit  of  local  government  may  enter into any agreement or
 8    understanding for the use or  acquisition  of  land  that  is
 9    intended to be used or acquired for airport purposes or for a
10    correctional   facility   unless   full   disclosure  of  all
11    beneficial interests in the land is made under this Act.

12        Section 10.  Beneficial interests.  Each  holder  of  any
13    beneficial interest in the land, including without limitation
14    beneficial  interests  in  a  land  trust, must be disclosed,
15    including  both  individuals  and  other  entities.   If  any
16    beneficial interest is held  by  an  entity,  other  than  an
17    entity  whose  shares  are  publicly  traded,  and  not by an
18    individual, then all the holders of any  beneficial  interest
19    in that entity must be disclosed.  This requirement continues
20    at  each  level  of holders of beneficial interests until all
21    beneficial interests of  all  individuals  in  all  entities,
22    other  than  entities  whose shares are publicly traded, have
23    been disclosed.

24        Section 15.  Written statement.  Disclosure must be  made
25    by  a  written  statement  filed  with  the appropriate State
26    agency or unit of local government contemporaneously with the
27    execution of the agreement or understanding.  Each individual
28    and entity must be disclosed by name and  address  and  by  a
29    description  of  the  interest held, including the percentage
 
HB3024 Engrossed            -2-                LRB9208268REdv
 1    interest in the land held by the individual or  entity.   The
 2    statement must be verified, subject to penalty of perjury, by
 3    the   individual   who   holds  the  greatest  percentage  of
 4    beneficial interest in the land.

 5        Section 20.  Recordation.  The State agency  or  unit  of
 6    local  government  must file the statement of record with the
 7    recorder of each county in which any  part  of  the  land  is
 8    located  within  3 business days after the statement is filed
 9    with the State agency or unit of local government.

10        Section 25.  Agreements  and  understandings  void.   Any
11    agreement or understanding in violation of this Act is void.

12        Section   30.    Other   disclosure   requirements.   The
13    disclosure required under this Act is in addition to, and not
14    in lieu of, any other disclosure required by law.

15        Section 99.  Effective date.  This Act takes effect  upon
16    becoming law.

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