Illinois General Assembly - Bill Status for HB3062

Amends the Landlord and Tenant Act. Provides that a landlord shall make a good faith effort to timely disclose by written notice given to each residential or commercial tenant following, or in anticipation of, a significant change concerning the property at which the leased premises is located by stating that the property: is the subject of a foreclosure action, the control of the property has changed or will change, and that the tenant may terminate, without penalty, the lease upon 90 days' written notice; is for sale or has been sold; or that the premises are or will be under different management. Provides that, if the property where the leased premises is located is in foreclosure, a tenant may terminate, without penalty, the lease upon 90 days' written notice to the landlord. Provides that a landlord shall make a good faith effort to disclose in a timely manner to each prospective residential or commercial tenant who is considering leasing premises that the property at which the premises is located: is the subject of a foreclosure action; is for sale or has been sold; or will be under different management.

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