HB5106 96TH GENERAL ASSEMBLY

LRB096 16070 HLH 31318 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5106

Introduced 1/29/2010, by Rep. Dan Reitz

SYNOPSIS AS INTRODUCED:

35 ILCS 200/21-398 new

Amends the Property Tax Code. Provides that the county clerk shall distribute any redemption payments, along with any accrued interest and penalties, to the holder of the certificate of purchase within 15 days after payment is received from the redeeming party. Provides that, if a redemption payment is made under protest, the county clerk shall distribute the redemption money within 15 days after the court order is entered. Excludes partial redemption payments and redemption payments that have been set aside by court order. Effective January 1, 2011.

FISCAL NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Property Tax Code is amended by adding Section 21-398 as follows:

(35 ILCS 200/21-398 new)

Sec. 21-398. Payments to certificate holders.

(a) Except as provided in subsections (b), (c), and (d), the county clerk shall distribute any redemption payments, along with any accrued interest and penalties, to the holder of the certificate of purchase within 15 days after payment is received from the redeeming party.

(b) If a payment is made under protest as provided in Section 21-380 of this Code, the county clerk shall distribute the redemption money to the holder of the certificate of purchase within 15 days after a court order is entered directing the county clerk to make such a distribution.

(c) Partial redemption payments shall be distributed as provided in Section 21-375.

(d) If an order is entered setting aside a redemption, then any prior distributions to the holder of the certificate of purchase must be refunded to the county clerk and redemption payments shall be distributed as provided in Section 21-397.

Section 99. Effective date. This Act takes effect January 1, 2011.