Bill Status of SB2894  100th General Assembly


Senate Sponsors
Sen. Jacqueline Y. Collins - Cristina Castro - Iris Y. Martinez - Emil Jones, III

Last Action
DateChamber Action
  1/9/2019SenateSession Sine Die

Statutes Amended In Order of Appearance
735 ILCS 5/15-1401.1

Synopsis As Introduced
Amends the Mortgage Foreclosure Article of the Code of Civil Procedure in relation to short sales of property. Provides that, if an offer to purchase either a mortgage or residential property is made by an entity with a tax-exempt filing status under Section 501(c)(3) of the Internal Revenue Code or an entity that controls, is controlled by, or is under common control with an entity with such tax-exempt filing status, no mortgagee may require, as a condition of sale or transfer to any such entity, any affidavit, statement, agreement, or addendum limiting ownership or occupancy of the residential property by the mortgagor and, if obtained, the affidavit, statement, agreement, or addendum does not provide a basis to avoid a sale or transfer nor is it enforceable against the acquiring entity or any real estate broker, mortgagor, or settlement agent named in the affidavit, statement, or addendum. Effective immediately.

DateChamber Action
  2/14/2018SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  2/14/2018SenateFirst Reading
  2/14/2018SenateReferred to Assignments
  2/20/2018SenateAdded as Chief Co-Sponsor Sen. Cristina Castro
  2/20/2018SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  2/21/2018SenateAssigned to Financial Institutions
  3/13/2018SenateAdded as Chief Co-Sponsor Sen. Emil Jones, III
  4/11/2018SenatePostponed - Financial Institutions
  4/13/2018SenateRule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die