SB0224 95TH GENERAL ASSEMBLY

LRB095 05001 JAM 25069 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0224

Introduced 2/7/2007, by Sen. Bill Brady

SYNOPSIS AS INTRODUCED:

20 ILCS 3805/7.24i new

Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall not acquire, and contract and enter into, any commitment to acquire a residential mortgage from a lending institution and shall not make any loan to a lending institution or individual if the residential mortgage is for any individual who is not a citizen or legal resident of the United States. Effective immediately.

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Housing Development Act is amended by adding Section 7.24i as follows:

(20 ILCS 3805/7.24i new)

Sec. 7.24i. Citizenship or legal residency required. Notwithstanding any other provision of law to the contrary, the Authority shall not acquire, and contract and enter into, any commitment to acquire a residential mortgage from a lending institution and shall not make any loan to a lending institution or individual if the residential mortgage is for any individual who is not a citizen or legal resident of the United States.

Section 99. Effective date. This Act takes effect upon becoming law.