Illinois General Assembly - Full Text of SB2566
Illinois General Assembly

Previous General Assemblies

Full Text of SB2566  99th General Assembly


Rep. Arthur Turner

Filed: 11/16/2016





09900SB2566ham002LRB099 20600 HEP 51592 a


2    AMENDMENT NO. ______. Amend Senate Bill 2566 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Code of Civil Procedure is amended by
5changing Section 15-1507.1 as follows:
6    (735 ILCS 5/15-1507.1)
7    (Section scheduled to be repealed on March 2, 2017)
8    Sec. 15-1507.1. Judicial sale fee for Abandoned
9Residential Property Municipality Relief Fund.
10    (a) Upon and at the sale of residential real estate under
11Section 15-1507, the purchaser shall pay to the person
12conducting the sale pursuant to Section 15-1507 a fee for
13deposit into the Abandoned Residential Property Municipality
14Relief Fund, a special fund created in the State treasury. The
15fee shall be calculated at the rate of $1 for each $1,000 or
16fraction thereof of the amount paid by the purchaser to the



09900SB2566ham002- 2 -LRB099 20600 HEP 51592 a

1person conducting the sale, as reflected in the receipt of sale
2issued to the purchaser, provided that in no event shall the
3fee exceed $300. No fee shall be paid by the mortgagee
4acquiring the residential real estate pursuant to its credit
5bid at the sale or by any mortgagee, judgment creditor, or
6other lienor acquiring the residential real estate whose rights
7in and to the residential real estate arose prior to the sale.
8Upon confirmation of the sale under Section 15-1508, the person
9conducting the sale shall remit the fee to the clerk of the
10court in which the foreclosure case is pending. The clerk shall
11remit the fee to the State Treasurer as provided in this
12Section, to be expended for the purposes set forth in Section
137.31 of the Illinois Housing Development Act.
14    (b) All fees paid by purchasers as provided in this Section
15shall be disbursed within 60 days after receipt by the clerk of
16the court as follows: (i) 98% to the State Treasurer for
17deposit into the Abandoned Residential Property Municipality
18Relief Fund, and (ii) 2% to the clerk of the court to be
19retained by the clerk for deposit into the Circuit Court Clerk
20Operation and Administrative Fund to defray administrative
21expenses related to implementation of this Section.
22    (c) Not later than March 1 of each year, the clerk of the
23court shall submit to the Illinois Housing Development
24Authority a report of the funds collected and remitted during
25the preceding year pursuant to this Section.
26    (d) Subsections (a) and (b) of this Section shall become



09900SB2566ham002- 3 -LRB099 20600 HEP 51592 a

1inoperative on January 1, 2020 2017. This Section is repealed
2on March 2, 2020 2017.
3(Source: P.A. 98-20, eff. 6-11-13; 99-493, eff. 12-17-15.)
4    Section 99. Effective date. This Act takes effect upon
5becoming law.".