SB2524 96TH GENERAL ASSEMBLY

LRB096 15112 RLJ 30155 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2524

Introduced 1/12/2010, by Sen. Dan Cronin

SYNOPSIS AS INTRODUCED:

55 ILCS 5/3-10005.6 new
735 ILCS 5/12-1007 new

Amends the Counties Code. Provides that a county treasurer may, after receiving approval from the county board, establish an escrow fund for the safekeeping of moneys paid to the treasurer on behalf of property taxpayers. Protects money in these funds from judgment, attachment, execution, and seizure for the satisfaction of debts. Authorizes county treasurers to establish terms and conditions relating to these funds. Requires interest earned on these funds to be paid to the county treasury to offset administrative costs. Amends the Code of Civil Procedure to exempt qualified moneys in these funds from judgment, attachment, execution, and seizure for the satisfaction of debts. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

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

Section 5. The Counties Code is amended by adding Section 3-10005.6 as follows:

(55 ILCS 5/3-10005.6 new)

Sec. 3-10005.6. Escrow for payment of taxes. If authorized by the county board, a county treasurer may establish a fund for the safekeeping of moneys paid to the treasurer by or on behalf of property taxpayers. The moneys shall be held as escrow for the payment of the ensuing year's property taxes. If intended in good faith for the prepayment of property taxes due for the ensuing year, these funds, which shall be known as "Class D" funds under Section 3-11003, are exempt from judgment, attachment, execution, and seizure for the satisfaction of debts. County treasurers may establish terms and conditions for these funds. Any interest earned on these funds shall be paid to the county treasury for the benefit of the corporate fund and used to offset costs incurred in administering the fund.

Section 10. The Code of Civil Procedure is amended by adding Section 12-1007 as follows:

(735 ILCS 5/12-1007 new)

Sec. 12-1007. County treasurer property tax escrow. Qualified moneys held as escrow under Section 3-10005.6 of the Counties Code are exempt from judgment, attachment, execution, and seizure for the satisfaction of debts.

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