SB0556 94TH GENERAL ASSEMBLY

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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0556

Introduced 2/17/2005, by Sen. James F. Clayborne, Jr.

SYNOPSIS AS INTRODUCED:

35 ILCS 200/21-220

Amends the Property Tax Code. Provides that, in counties with less than 3,000,000 inhabitants, unless the county board, by resolution, provides for a period not exceeding 20 business days prior to the first day of sale (now, unless the county board provides otherwise), no person shall be eligible to bid who did not register with the county collector at least 10 business days prior to the first day of sale authorized under Section 21-115. Provides that the county board may, by resolution, require any tax-sale registrant to pay to the collector a registration fee not to exceed $1,000, which must be applied to the costs incurred by the office of the collector in conducting the tax sale. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

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 changing Section 21-220 as follows:

(35 ILCS 200/21-220)

Sec. 21-220. Letter of credit or bond in counties of 3,000,000 or more; registration in other counties. In counties with 3,000,000 or more inhabitants, no person shall make an offer to pay the amount due on any property and the collector shall not accept or acknowledge an offer from any person who has not deposited with the collector, not less than 10 days prior to making such offer, an irrevocable and unconditional letter of credit or such other unconditional bond payable to the order of the collector in an amount not less than 1.5 times the amount of any tax or special assessment due upon the property, provided that in no event shall the irrevocable and unconditional letter of credit or such other unconditional bond be in an amount less than $1,000. The collector may without notice draw upon the letter of credit or bond in the event payment of the amount due together with interest and costs thereon is not made forthwith by the person purchasing any property. At all times during the sale, any person making an offer or offers to pay the amount or amounts due on any properties shall maintain the letter of credit or bond with the collector in an amount not less than 1.5 times the amount due on the properties which he or she has purchased and for which he or she has not paid.

In counties with less than 3,000,000 inhabitants, unless the county board, by resolution, provides for a period not exceeding 20 business days prior to the first day of sale authorized under Section 21-115 otherwise, no person shall be eligible to bid who did not register with the county collector at least 10 business days prior to the first day of sale authorized under Section 21-115. The county board may, by resolution, require that any registrant must pay to the collector, at the time of registration, a registration fee not to exceed $1,000, which must be applied to the costs incurred by the office of the collector in conducting the tax sale.

(Source: P.A. 92-640, eff. 7-11-02.)

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