94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0556


 
Introduced 2/17/2005, by Sen. James F. Clayborne, Jr.
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 200/21-220









    Amends the Property Tax Code. Provides that, in counties with less than 3,000,000 inhabitants, unless the county board, by resolution,
provides for a period not exceeding 20 business days prior to the first day of
sale (now, unless the county board provides otherwise), no person shall be eligible to bid who did not register
with the county collector at least 10 business days prior to the first day of
sale authorized under Section 21-115. Provides that the county board may, by resolution, require any tax-sale registrant to pay to the collector a registration fee not to exceed $1,000, which must be applied to the costs incurred by the office of the collector  in conducting the tax sale. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB0556

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    AN ACT concerning revenue.

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


 
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    Section 5. The Property Tax Code is amended  by changing 
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Section 21-220 as follows:
 



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    (35 ILCS 200/21-220)



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    Sec. 21-220. Letter of credit or bond in counties of 
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3,000,000 or more;
registration in other counties. In counties 
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with 3,000,000 or more inhabitants,
no person shall make an 
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offer to pay the amount due on any property and the
collector 
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shall not accept or acknowledge an offer from any person who 
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has not
deposited with the collector, not less than 10 days 
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prior to making such offer,
an irrevocable and unconditional 
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letter of credit or such other unconditional
bond payable to 
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the order of the collector in an amount not less than 1.5 times

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the amount of any tax or special assessment due upon the 
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property, provided
that in no event shall the irrevocable and 
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unconditional letter
of credit or such other unconditional bond 
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be in an amount less than $1,000.
The
collector may without 
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notice draw upon the letter of credit or bond in the
event 
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payment of the amount due together with interest and costs 
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thereon is not
made forthwith by the person purchasing any 
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property.  At all times during the
sale, any person making an 
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offer or offers to pay the amount or amounts due on
any 
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properties shall maintain the letter of credit or bond with the 
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collector
in an amount not less than 1.5 times the amount due 
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on the properties which he
or she has purchased and for which 
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he or she has not paid.

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    In counties with less than 3,000,000 inhabitants, unless 
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the county board, by resolution,
provides for a period not 
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exceeding 20 business days prior to the first day of
sale 
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authorized under Section 21-115
otherwise, no person shall be 
 


 






SB0556
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eligible to bid who did not register
with the county collector 
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at least 10 business days prior to the first day of
sale 
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authorized under Section 21-115. The county board may, by 
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resolution, require that any registrant must pay to the 
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collector, at the time of registration, a registration fee not 
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to exceed $1,000, which must be applied to the costs incurred 
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by the office of the collector  in conducting the tax sale.


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(Source: P.A. 92-640, eff. 7-11-02.)

 

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