Illinois General Assembly - Bill Status for HB0243

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Bill Status of HB0243 94th General Assembly

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Short Description: ABANDONED PROP-MORTGAGE ESCROW

House Sponsors
Rep. Dan Brady

Last Action

Date	Chamber	Action
1/9/2007	House	Session Sine Die

Statutes Amended In Order of Appearance

205 ILCS 635/3-9

from Ch. 17, par. 2323-9

765 ILCS 1025/2

from Ch. 141, par. 102

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that the Commissioner shall provide for the transfer of any real estate escrow funds that are determined to be abandoned under the Uniform Disposition of Unclaimed Property Act to the State Treasurer. Amends the Uniform Disposition of Unclaimed Property Act. Provides that any real estate escrow funds that are held by a third party, individual, or entity charged with the fiduciary obligation for holding escrow funds on a residential or commercial real estate contract pending payout of those funds in accordance with the terms of the contract, that have been unclaimed by the contracting parties for more than 5 years from the date on which the funds were deposited into the real estate escrow account shall be presumed abandoned.

	Fiscal Note (Office of the Treasurer)
	The fiscal impact on operations will be negligible, but the Office of the Treasurer has no way to calculate how much increased compliance in reporting this type of property would result from House Bill 243.

Actions

Date	Chamber	Action
1/14/2005	House	Filed with the Clerk by Rep. Dan Brady
1/19/2005	House	First Reading
1/19/2005	House	Referred to Rules Committee
1/26/2005	House	Assigned to Judiciary I - Civil Law Committee
2/2/2005	House	Re-assigned to Executive Committee
2/3/2005	House	Fiscal Note Filed
3/10/2005	House	Rule 19(a) / Re-referred to Rules Committee
1/9/2007	House	Session Sine Die

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