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HB0664 Engrossed |
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LRB095 04790 BDD 25411 b |
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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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HB0664 Engrossed |
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LRB095 04790 BDD 25411 b |
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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
provides otherwise, no person shall be |
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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 registration must be |
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| accompanied by a deposit in an amount determined by the county |
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| collector, but not to exceed $250 in counties of less than |
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| 50,000 inhabitants and not to exceed $500 in all other |
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| counties, which must be applied to the amount due on the |
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| properties that the registrant has purchased. If the registrant |
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| cannot participate in the tax sale, then he or she may notify |
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| the tax collector, no later than 5 business days prior to the |
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| sale, of the name of the substitute person who will participate |
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| in the sale in the registrant's place, and an additional |
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| deposit is not required for any such substitute person. If the |
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| registrant does not attend the sale, then the deposit is |
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| forfeited to the Tax Sale Automation Fund established under |
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| Section 21-245. If the registrant does attend the sale and |
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| attempts, but fails, to purchase any parcels offered for sale, |
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| then the deposit must be refunded to the registrant.
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| (Source: P.A. 92-640, eff. 7-11-02.)
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