103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2182

 

Introduced 2/10/2023, by Sen. Chapin Rose

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 77/46 new
815 ILCS 505/2A  from Ch. 121 1/2, par. 262A

    Amends the Residential Real Property Disclosure Act. Provides that any condition, stipulation, or provision in any mortgage, promissory note, or contract directly affecting an interest in Illinois real estate shall state that Illinois law shall apply. Provides that any condition, stipulation, or provision purporting to apply the law of another state or country is void. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that it is an unlawful practice for any person to insert a provision in any mortgage, promissory note, or other contract directly affecting a consumer's ownership of Illinois real estate which states that the law of a state or country other than Illinois shall apply, and that any such provision purporting to apply the law of another state or country in such consumer transaction is void.


LRB103 26731 LNS 53094 b

 

 

A BILL FOR

 

SB2182LRB103 26731 LNS 53094 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Residential Real Property Disclosure Act is
5amended by adding Section 46 as follows:
 
6    (765 ILCS 77/46 new)
7    Sec. 46. Condition, stipulation, or provision void. Any
8condition, stipulation, or provision in any mortgage,
9promissory note, or contract directly affecting an interest in
10Illinois real estate shall state that Illinois law shall
11apply. Any condition, stipulation, or provision purporting to
12apply the law of another state or country is void.
 
13    Section 10. The Consumer Fraud and Deceptive Business
14Practices Act is amended by changing Section 2A as follows:
 
15    (815 ILCS 505/2A)  (from Ch. 121 1/2, par. 262A)
16    Sec. 2A. (1) The use or employment of any chain referral
17sales technique, plan, arrangement or agreement whereby the
18buyer is induced to purchase merchandise upon the seller's
19promise or representation that if buyer will furnish seller
20names of other prospective buyers or like or identical
21merchandise that seller will contact the named prospective

 

 

SB2182- 2 -LRB103 26731 LNS 53094 b

1buyers and buyer will receive a reduction in the purchase
2price by means of a cash rebate, commission, credit toward
3balance due or any other consideration, which rebate,
4commission, credit or other consideration is contingent upon
5seller's ability to sell like or identical merchandise to the
6named prospective buyers, is declared to be an unlawful
7practice within the meaning of this Act.
8    (2) It is an unlawful practice within the meaning of this
9Act for any person, by himself or through others, to sell,
10offer to sell, or attempt to sell the right to participate in a
11pyramid sales scheme.
12    (3) It is an unlawful practice for any person to insert a
13provision in any mortgage, promissory note, or other contract
14directly affecting a consumer's ownership of Illinois real
15estate which states that the law of a state or country other
16than Illinois shall apply. Any such provision purporting to
17apply the law of another state or country in such consumer
18transaction is void.
19(Source: P.A. 83-808.)