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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1574 Introduced 2/15/2011, by Rep. Elizabeth Hernandez SYNOPSIS AS INTRODUCED:
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765 ILCS 710/1.1 | from Ch. 80, par. 101.1 |
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Amends the Security Deposit Return Act. In a provision that requires a lessor to return a security deposit or prepaid rent to the lessee upon transfer of residential property, removes an exception for property acquired by a lienholder.
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| | A BILL FOR |
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| | HB1574 | | LRB097 07664 AJO 47775 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Security Deposit Return Act is amended by |
| 5 | | changing Section 1.1 as follows:
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| 6 | | (765 ILCS 710/1.1) (from Ch. 80, par. 101.1)
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| 7 | | Sec. 1.1.
In the event of a sale, lease, transfer or other |
| 8 | | direct or indirect
disposition of residential real property, |
| 9 | | other than to the holder
of a lien interest in such property, |
| 10 | | by a lessor who has received a security
deposit or prepaid rent |
| 11 | | from a lessee, the transferee of such property shall
be liable |
| 12 | | to that lessee for any security deposit, including statutory |
| 13 | | interest,
or prepaid rent which the lessee has paid to the |
| 14 | | transferor. Transferor
shall remain jointly and severally |
| 15 | | liable with the transferee to the lessee
for such security |
| 16 | | deposit or prepaid rent.
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| 17 | | (Source: P.A. 81-1525.)
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