Illinois General Assembly - Bill Status for HB6215

Amends the Residential Mortgage License Act of 1987. Provides that a licensee that is foreclosing on a loan must pay the clerk of the court of the county that the foreclosure action is commenced in a fee that is to be deposited into the Homeowner Loan Assistance Fund. Provides that the fee that the licensee must pay is equal to $5 for every $1,000 that is sought as part of the foreclosure action. Amends the State Finance Act to create the Homeowner Loan Assistance Fund as a special fund in the State treasury. Provides that all moneys in the Homeowner Loan Assistance Fund shall be used by the Department to offer loan assistance to homeowners that are facing foreclosure. Effective immediately.

Replaces everything after the enacting clause. Amends the Code of Civil Procedure. Provides that with respect to residential real estate, at the time of filing a foreclosure complaint the plaintiff must pay the clerk of the court of the county that the mortgaged real estate is located, a fee for deposit into the Foreclosure Relief Fund, a special income-earning fund that is created in the State treasury. Provides that the fee that the plaintiff must pay is calculated at the rate of $2.50 for each $500 of value or fraction of $500 stated and sought by the plaintiff in the foreclosure complaint. Provides that all moneys deposited into the fund together with all accumulated undistributed income thereon shall be held as a special fund in the State treasury and the Foreclosure Relief Fund shall be used solely for the purpose of providing grants to units of local government and not-for-profit organizations, including, but not limited to, not-for-profit housing authorities and community organizations to clean up residential real estate that has been abandoned, neglected, or otherwise in need of additional care following foreclosure. Provides that the grant program shall be administered by the Illinois Housing Development Authority, which shall adopt rules for the administration, operation, and maintenance of the grant program. Provides that all fees paid by the plaintiff to the clerk of the court as provided in a specified manner, shall be disbursed within 60 days after receipt by the clerk of the court in a specified manner. Provides that no later than March 1 of each year, the clerk of the court shall submit a report of funds remitted during the preceding year based upon independent verification of fees collected. Amends the State Finance Act to create the Foreclosure Relief Fund as a special fund in the State treasury. Effective immediately.

×