Illinois General Assembly - Bill Status for SB2438
Illinois General Assembly

Previous General Assemblies

 Bill Status of SB2438  96th General Assembly


Short Description:  CIV PRO-FORECLOSURE PREVENTION

Senate Sponsors
Sen. Jacqueline Y. Collins - Linda Holmes

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
735 ILCS 5/Art. XV Pt. 18 heading new
735 ILCS 5/15-1801 new
735 ILCS 5/15-1805 new
735 ILCS 5/15-1810 new
735 ILCS 5/15-1815 new
735 ILCS 5/15-1820 new
735 ILCS 5/15-1825 new
735 ILCS 5/15-1830 new
735 ILCS 5/15-1835 new
735 ILCS 5/15-1840 new


Synopsis As Introduced
Amends the Code of Civil Procedure by adding an Article that may be cited as the Mortgage Foreclosure Prevention Law of 2009. Provides that an eligible borrower has a right to defer a judicial sale for a specified period by providing an affidavit to the foreclosing lender. When the deferment period ends or the deferment is lost, a lender may schedule a sale by publishing a specified newspaper notice and serving a copy on those on the premises, 4 weeks before the sale. Provides a formula to set the borrower's monthly payment. Provides that a borrower loses the right to deferment if he or she ceases to reside on the premises. Provides for mortgage foreclosure counselors. Provides that a foreclosing lender and a borrower must negotiate in good faith. Provides that a borrower may dispute a deferment cancellation through arbitration. Provides that lenders shall send to borrowers a mandated notice about deferment. Provides that a lender who acts in bad faith or recklessly in violation of these provisions is liable to a person injured for actual damages, statutory damages up to $25,000, punitive damages, costs, and attorney's fees. Makes other changes. Effective 7 days after becoming law.

Actions 
DateChamber Action
  3/19/2009SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  3/19/2009SenateFirst Reading
  3/19/2009SenateReferred to Assignments
  2/10/2010SenateAssigned to Financial Institutions
  2/10/2010SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  3/3/2010SenateTo Financial Institutions Subcommittee on Mortgages
  3/8/2010SenateRule 3-9(a) / Re-referred to Assignments
  1/12/2011SenateSession Sine Die

Back To Top