Illinois General Assembly - Bill Status for SB3551
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 Bill Status of SB3551  103rd General Assembly


Short Description:  SHARED APPRECIATION AGREEMENTS

Senate Sponsors
Sen. Sara Feigenholtz, Laura M. Murphy and Mary Edly-Allen

Last Action
DateChamber Action
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading **

Statutes Amended In Order of Appearance
205 ILCS 635/1-4
205 ILCS 635/5-12.5 new
765 ILCS 77/72
765 ILCS 77/73


Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that, prior to taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided specified counseling regardless of the county in which the property is located. Provides that the borrower may not waive counseling. Provides that the Secretary of Financial and Professional Regulation may adopt rules relating to shared appreciation agreements. Defines "shared appreciation agreement", and includes shared appreciation agreements within the definition of "Mortgage loan", "residential mortgage loan", or "home mortgage loan". Amends the Residential Real Property Disclosure Act. Provides that, for each loan for which the originator takes an application, the broker or originator must submit for inclusion in the predatory lending database whether the borrower has entered into a shared appreciation agreement. Provides that a borrower or borrowers subject to specified provisions shall be recommended for counseling if the Department of Financial and Professional Regulation finds the borrower or borrowers are all first-time homebuyers or refinancing a primary residence and the loan is a mortgage that includes a shared appreciation agreement. Effective immediately.

Senate Committee Amendment No. 1
Adds reference to:
765 ILCS 77/70

Amends the Residential Real Property Disclosure Act. In provisions concerning the predatory lending database program, changes a reference to another Act in a definition.

Senate Floor Amendment No. 2
Deletes reference to:
765 ILCS 77/72
765 ILCS 77/73

Replaces everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Provides that, prior to taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided specified counseling regardless of the county in which the property is located. Provides that the borrower may not waive counseling. Provides that the Secretary of Financial and Professional Regulation may adopt rules relating to shared appreciation agreements. Defines "shared appreciation agreement", and includes shared appreciation agreements within the definition of "mortgage loan", "residential mortgage loan", or "home mortgage loan". Defines "shared appreciation agreement" as a writing evidencing a transaction or any option, future, or any other derivative between a person and a consumer is which the consumer receives money or any other item of value in exchange for an interest or future interest in a dwelling or residential real estate or a future obligation to repay a sum on the occurrence of an event, such as (i) the transfer of ownership, (ii) a repayment maturity date, (iii) the death of the consumer, or (iv) any other event contemplated by the writing. Amends the Residential Real Property Disclosure Act. Defines "counseling". Effective immediately.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Sara Feigenholtz
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/20/2024SenateAssigned to Judiciary
  3/4/2024SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz
  3/4/2024SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/5/2024SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
  3/6/2024SenateSenate Committee Amendment No. 1 Postponed - Judiciary
  3/6/2024SenatePostponed - Judiciary
  3/12/2024SenateSenate Committee Amendment No. 1 Adopted
  3/13/2024SenateDo Pass as Amended Judiciary; 009-000-000
  3/13/2024SenatePlaced on Calendar Order of 2nd Reading March 14, 2024
  3/15/2024SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Sara Feigenholtz
  3/15/2024SenateSenate Floor Amendment No. 2 Referred to Assignments
  3/20/2024SenateSenate Floor Amendment No. 2 Assignments Refers to Judiciary
  3/21/2024SenateSenate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000
  3/21/2024SenateSenate Floor Amendment No. 2 Adopted
  3/21/2024SenateSecond Reading
  3/21/2024SenatePlaced on Calendar Order of 3rd Reading March 22, 2024
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading **
  4/10/2024SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  4/11/2024SenateAdded as Co-Sponsor Sen. Mary Edly-Allen

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