Illinois General Assembly - Bill Status for SB1063
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 Bill Status of SB1063  93rd General Assembly

Short Description:  BUILDER PURCHASER DEPOSIT ACT

Senate Sponsors
Sen. Adeline Jay Geo-Karis - Terry Link

House Sponsors
(Rep. Angelo Saviano - Robin Kelly)

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z


Synopsis As Introduced
Creates the Builder Purchaser Deposit Act. Requires builders, developers, or agents for builders or developers that receive earnest money, deposits, payments, or advances to hold that money in a separate interest bearing account until title to the property is conveyed to the purchaser. Provides that, within 10 days of receipt of the earnest money, deposit, payment, or advance, the builder shall provide the purchaser with the name and address of the financial institution where the money is held. Provides that violation of the Act is an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act, and amends that Act to so reflect.

Actions 
DateChamber Action
  2/19/2003SenateFiled with Secretary by Sen. Adeline Jay Geo-Karis
  2/19/2003SenateFirst Reading
  2/19/2003SenateReferred to Rules
  2/26/2003SenateAssigned to Financial Institutions
  3/6/2003SenateHeld in Financial Institutions
  3/6/2003SenateAdded as Chief Co-Sponsor Sen. Terry Link
  3/13/2003SenateDo Pass Financial Institutions; 006-000-000
  3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003
  3/21/2003SenateSecond Reading
  3/21/2003SenatePlaced on Calendar Order of 3rd Reading March 24, 2003
  3/24/2003SenateThird Reading - Passed; 055-000-000
  3/25/2003SenateMotion Filed to Reconsider Vote Sen. John J. Cullerton
  4/2/2003SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Adeline Jay Geo-Karis
  4/2/2003SenateSenate Floor Amendment No. 1 Referred to Rules
  4/2/2003SenateSenate Floor Amendment No. 1 Rules Refers to Financial Institutions
  4/2/2003SenateSenate Floor Amendment No. 1 Postponed - Financial Institutions
  4/2/2003SenateMotion to Reconsider Vote - Tabled
  4/2/2003SenateThird Reading - Passed; 055-000-000
  4/2/2003SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  4/3/2003HouseArrived in House
  4/3/2003HousePlaced on Calendar Order of First Reading
  4/7/2003HouseChief House Sponsor Rep. Angelo Saviano
  4/8/2003HouseFirst Reading
  4/8/2003HouseReferred to Rules Committee
  4/9/2003HouseAssigned to Consumer Protection Committee
  4/9/2003HouseAdded Alternate Chief Co-Sponsor Rep. Robin Kelly
  4/30/2003HouseMotion Do Pass - Lost Consumer Protection Committee; 005-002-001
  4/30/2003HouseRemains in Consumer Protection Committee
  5/2/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005SenateSession Sine Die

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