Illinois General Assembly - Full Text of Public Act 095-0537
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Public Act 095-0537


 

Public Act 0537 95TH GENERAL ASSEMBLY



 


 
Public Act 095-0537
 
SB1354 Enrolled LRB095 04791 BDD 25412 b

    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 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. The registration must be
accompanied by a deposit in an amount determined by the county
collector, but not to exceed $250 in counties of less than
50,000 inhabitants or $500 in all other counties, which must be
applied to the amount due on the properties that the registrant
has purchased. If the registrant cannot participate in the tax
sale, then he or she may notify the tax collector, no later
than 5 business days prior to the sale, of the name of the
substitute person who will participate in the sale in the
registrant's place, and an additional deposit is not required
for any such substitute person. If the registrant does not
attend the sale, then the deposit is forfeited to the Tax Sale
Automation Fund established under Section 21-245. If the
registrant does attend the sale and attempts, but fails, to
purchase any parcels offered for sale, then the deposit must be
refunded to the registrant.
(Source: P.A. 92-640, eff. 7-11-02.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/28/2007