Full Text of HB4191 95th General Assembly
HB4191eng 95TH GENERAL ASSEMBLY
|
|
|
HB4191 Engrossed |
|
LRB095 14795 RCE 40732 b |
|
| 1 |
| AN ACT concerning property.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. "AN ACT concerning property" (Public Act | 5 |
| 95-691), approved November 2, 2007, is amended by adding | 6 |
| Section 999 as follows: | 7 |
| (P.A. 95-691, Sec. 999 new) | 8 |
| Sec. 999. Effective date. This Act (Public Act 95-691) | 9 |
| takes effect on the effective date of this amendatory Act of | 10 |
| the 95th General Assembly. | 11 |
| Section 10. The Deposit of State Moneys Act is amended by | 12 |
| changing Section 7 as follows:
| 13 |
| (15 ILCS 520/7) (from Ch. 130, par. 26)
| 14 |
| Sec. 7. (a) Proposals made may either be approved or | 15 |
| rejected by the
State Treasurer. A bank or savings and loan | 16 |
| association whose proposal
is approved shall be eligible to | 17 |
| become a State depositary for the class or
classes of funds | 18 |
| covered by its proposal. A bank or savings and loan
association | 19 |
| whose proposal is rejected shall not be so eligible.
The State
| 20 |
| Treasurer shall seek to have at all times a total of not less
| 21 |
| than 20 banks or savings and loan associations which are |
|
|
|
HB4191 Engrossed |
- 2 - |
LRB095 14795 RCE 40732 b |
|
| 1 |
| approved as
State depositaries for time deposits.
| 2 |
| (b) The State Treasurer may, in his
discretion, accept a | 3 |
| proposal from an eligible institution which provides
for a | 4 |
| reduced rate of interest provided that such institution | 5 |
| documents the
use of deposited funds for community development | 6 |
| projects.
| 7 |
| (b-5) The State Treasurer may, in his or her discretion, | 8 |
| accept a proposal
from an eligible institution that provides | 9 |
| for a reduced rate of interest,
provided that such institution | 10 |
| agrees to expend an amount of money equal to
the amount of the | 11 |
| reduction for the preservation of Cahokia Mounds.
| 12 |
| (b-10) The State Treasurer may, in his or her discretion, | 13 |
| accept a
proposal
from an
eligible institution that provides | 14 |
| for a reduced rate of interest, provided
that the institution
| 15 |
| agrees to expend an amount of money equal to the amount of the | 16 |
| reduction for
senior
centers.
| 17 |
| (c) The State Treasurer may, in his or her discretion, | 18 |
| accept a proposal
from an eligible institution that provides | 19 |
| for interest earnings on deposits
of State moneys to be held by | 20 |
| the institution in a separate account that the
State Treasurer | 21 |
| may use to secure up to 10% of any (i) home loans to Illinois
| 22 |
| citizens purchasing a home in Illinois in situations where the | 23 |
| participating
financial institution would not offer the | 24 |
| borrower a home loan under the
institution's prevailing credit | 25 |
| standards without the incentive of a reduced
rate of interest | 26 |
| on deposits of State moneys, (ii) existing home loans of
|
|
|
|
HB4191 Engrossed |
- 3 - |
LRB095 14795 RCE 40732 b |
|
| 1 |
| Illinois citizens who are at risk of losing their homes if they | 2 |
| experience have failed to make payments on a home loan as a | 3 |
| result
of a financial hardship due to circumstances beyond | 4 |
| their the control of the borrower
where there is a reasonable | 5 |
| prospect that they the borrower will be able to resume or | 6 |
| continue
full mortgage payments, and (iii) loans in amounts | 7 |
| that do not exceed the
amount of arrearage on a mortgage and | 8 |
| that are extended to enable a borrower
to become current on his | 9 |
| or her mortgage obligation.
| 10 |
| The following factors shall be considered by the | 11 |
| participating financial
institution to determine whether the | 12 |
| financial hardship is due to circumstances
beyond the control | 13 |
| of the borrower: (i) loss, reduction, or delay in the
receipt | 14 |
| of income because of the death or disability of a person who
| 15 |
| contributed to the household income, (ii) expenses actually | 16 |
| incurred related to
the uninsured damage or costly repairs to | 17 |
| the mortgaged premises affecting its
habitability, (iii) | 18 |
| expenses related to the death or illness in the borrower's
| 19 |
| household or of family members living outside the household | 20 |
| that reduce the
amount of household income, (iv) loss of income | 21 |
| or a substantial increase in
total housing expenses because of | 22 |
| divorce, abandonment, separation from a
spouse, or failure to | 23 |
| support a spouse or child, (v) unemployment or
underemployment, | 24 |
| (vi) loss, reduction, or delay in the receipt of federal,
| 25 |
| State, or other government benefits, and (vii) participation by | 26 |
| the homeowner
in a recognized labor action such as a strike. In |
|
|
|
HB4191 Engrossed |
- 4 - |
LRB095 14795 RCE 40732 b |
|
| 1 |
| determining whether there is
a reasonable prospect that the | 2 |
| borrower will be able to resume or continue full mortgage
| 3 |
| payments, the
participating financial institution shall | 4 |
| consider factors including, but not
necessarily limited to the | 5 |
| following: (i) a favorable work and credit history,
(ii) the | 6 |
| borrower's ability to and history of paying the mortgage when
| 7 |
| employed, (iii) the lack of an impediment or disability that | 8 |
| prevents
reemployment, (iv) new education and training | 9 |
| opportunities, (v) non-cash
benefits that may reduce household | 10 |
| expenses, and (vi) other debts.
| 11 |
| For the purposes of this Section, "home loan" means a loan, | 12 |
| other than an
open-end credit plan or a reverse mortgage | 13 |
| transaction, for which (i) the
principal amount of the loan | 14 |
| does not exceed 50% of the conforming loan size
limit for a | 15 |
| single-family dwelling as established from time to time by the
| 16 |
| Federal National Mortgage Association, (ii) the borrower is a | 17 |
| natural person,
(iii) the debt is incurred by the borrower | 18 |
| primarily for personal, family, or
household purposes, and (iv) | 19 |
| the loan is secured by a mortgage or deed of trust
on real | 20 |
| estate upon which there is located or there is to be located a
| 21 |
| structure designed principally for the occupancy of no more | 22 |
| than 4
families and that is or
will be occupied by the borrower | 23 |
| as the borrower's principal dwelling.
| 24 |
| (d) If there is an
agreement between the State Treasurer | 25 |
| and an eligible institution that details
the use of deposited | 26 |
| funds, the agreement may not require the gift of money,
goods, |
|
|
|
HB4191 Engrossed |
- 5 - |
LRB095 14795 RCE 40732 b |
|
| 1 |
| or services to a third party; this provision does not restrict | 2 |
| the
eligible institution from contracting with third parties in | 3 |
| order to carry out
the intent of the agreement or restrict the | 4 |
| State Treasurer from placing
requirements upon third-party | 5 |
| contracts entered into by the eligible
institution.
| 6 |
| (Source: P.A. 92-482, eff. 8-23-01; 92-531, eff. 2-8-02; | 7 |
| 92-625, eff.
7-11-02; 93-246, eff. 7-22-03.)
| 8 |
| Section 99. Effective date. This Act takes effect upon | 9 |
| becoming law.
|
|