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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3595 Introduced 2/10/2012, by Sen. Chris Lauzen SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. In provisions concerning compulsory sales, provides that the sales are not limited by deed type. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB3595 | | LRB097 19934 HLH 65224 b |
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| 1 | | AN ACT concerning revenue.
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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 Property Tax Code is amended by changing |
| 5 | | Sections 1-23, 16-65, 16-183, 17-10, and 31-25 as follows:
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| 6 | | (35 ILCS 200/1-23) |
| 7 | | Sec. 1-23. Compulsory sale. "Compulsory sale" means (i) the |
| 8 | | sale of real estate for less than the amount owed to the |
| 9 | | mortgage lender or mortgagor, if the lender or mortgagor has |
| 10 | | agreed to the sale, commonly referred to as a "short sale" and |
| 11 | | (ii) the first sale of real estate owned by a financial |
| 12 | | institution as a result of a judgment of foreclosure, transfer |
| 13 | | pursuant to a deed in lieu of foreclosure, or consent judgment, |
| 14 | | occurring after the foreclosure proceeding is complete. |
| 15 | | Compulsory sales are not limited by deed type.
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| 16 | | (Source: P.A. 96-1083, eff. 7-16-10.)
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| 17 | | Section 99. Effective date. This Act takes effect upon |
| 18 | | becoming law.
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