Sen. John J. Cullerton
Filed: 5/7/2008
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1 | AMENDMENT TO HOUSE BILL 4196
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2 | AMENDMENT NO. ______. Amend House Bill 4196 immediately | ||||||
3 | below the enacting clause by inserting the following:
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4 | "Section 3. The Property Tax Code is amended by adding | ||||||
5 | Section 21-253 as follows: | ||||||
6 | (35 ILCS 200/21-253 new) | ||||||
7 | Sec. 21-253. Condominium tax sale procedures. For a | ||||||
8 | condominium or townhome sold pursuant to this Division, the | ||||||
9 | collector must provide notice, sent by certified mail with | ||||||
10 | return receipt requested, to the condominium or townhome | ||||||
11 | association that is associated with the property. The notice | ||||||
12 | must state that the condominium or townhome association may | ||||||
13 | exercise the right of first refusal, if any, that the | ||||||
14 | association may have to purchase the property based upon the | ||||||
15 | association's declaration, bylaws, or other binding documents. | ||||||
16 | Within 30 days after receiving notice under this Section, the |
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1 | association shall notify the collector if any such right of | ||||||
2 | first refusal exists as well as the terms of that right of | ||||||
3 | first refusal. The condominium or townhome may not be publicly | ||||||
4 | sold under this Division until the time has passed for the | ||||||
5 | association to exercise its right of first refusal. ".
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