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Public Act 095-0537
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| SB1354 Enrolled |
LRB095 04791 BDD 25412 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing |
Section 21-220 as follows:
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(35 ILCS 200/21-220)
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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
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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 |
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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.
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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.
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(Source: P.A. 92-640, eff. 7-11-02.)
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