Bill Status of SB 3497   103rd General Assembly

Short Description:  HOME BUYER SAVINGS ACCOUNT ACT

Senate Sponsors
Sen. Cristina Castro and Mike Porfirio-David Koehler

Last Action  View All Actions

DateChamber Action
  3/15/2024SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Illinois Home Buyer Savings Accounts Act. Provides that a first-time and second-chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second-chance home buyer savings account. Provides that the funds in a first-time and second-chance home buyer savings account may be used only to pay a first-time and second-chance home buyer's eligible costs for the purchase of a single-family residence in Illinois. Provides that 2 first-time and second-chance home buyers may jointly own a first-time and second-chance home buyer savings account. Provides that only cash and marketable securities may be contributed to a first-time and second-chance home buyer savings account. Sets forth provisions concerning the responsibilities of an account holder; the responsibilities of financial institutions; deduction of contributions, exclusion of earnings, and limitations; the penalty for withdrawal for purpose other than eligible costs; and the forms the Department of Revenue must adopt.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Cristina Castro
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/28/2024SenateAssigned to Revenue
  3/15/2024SenateRule 3-9(a) / Re-referred to Assignments
  4/11/2024SenateAdded as Co-Sponsor Sen. Mike Porfirio
  9/12/2024SenateAdded as Chief Co-Sponsor Sen. David Koehler

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