HB4050 94TH GENERAL ASSEMBLY

LRB094 11549 MKM 42525 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4050

Introduced 2/28/2005, by Rep. Michael J. Madigan - Barbara Flynn Currie

SYNOPSIS AS INTRODUCED:

765 ILCS 77/20

Amends the Residential Real Property Disclosure Act. Makes a technical change in a Section concerning completion and delivery of the seller's disclosure statement.

A BILL FOR

AN ACT concerning lending practices.

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

Section 5. The Residential Real Property Disclosure Act is amended by changing Section 20 as follows:

(765 ILCS 77/20)

Sec. 20. A seller of residential real property shall complete all applicable items in the the disclosure document described in Section 35 of this Act. The seller shall deliver to the prospective buyer the written disclosure statement required by this Act before the signing of a written agreement by the seller and prospective buyer that would, subject to the satisfaction of any negotiated contingencies, require the prospective buyer to accept a transfer of the residential real property.

(Source: P.A. 88-111.)