BURKE-DELGADO-SCHOENBERG-MORROW-JONES,LOU, RYAN, O'CONNOR, MCKEON, KENNER, HOWARD AND HAMOS. (LUECHTEFELD-LAUZEN) New Act 30 ILCS 105/5.545 new Creates the Home Loan Collateral Fund Act. Creates the Home Loan Collateral Fund, which is to be administered by the State Treasurer to provide collateral for Illinois citizens seeking home loans for a home in the State or seeking to avoid foreclosure on an existing home loan for a home in the State. Provides procedures for and restrictions on the administration of the Fund. Amends the State Finance Act to create the special fund in the State treasury. Effective immediately. FISCAL NOTE (State Treasurer) HB 2439 creates the Home Loan Collateral Fund with a transfer of $5,000,000. The Treasurer's Office anticipates that admin- istrative costs will be $200,000 of that amount. SENATE AMENDMENT NO. 1. Deletes reference to: New Act 30 ILCS 105/5.545 new Adds reference to: 15 ILCS 520/7 from Ch. 130, par. 26 Deletes everything. Amends the Deposit of State Moneys Act. Provides that the State Treasurer may accept a reduced rate of interest on deposits of State moneys from a financial institution if the institution agrees to (i) make home loans to Illinois citizens purchasing a home in Illinois in situations where the institution would not offer the borrower a home loan under the institution's prevailing credit standards without the incentive of the reduced rate of interest on deposits of State moneys and (ii) refrain from commencing or pursuing foreclosure proceedings with respect to home loans of Illinois citizens who have failed to make payments on the home loan as a result of a temporary layoff or disability when under the institutions prevailing policies it would commence or pursue foreclosure proceedings without the incentive of a reduced rate of interest on deposits of State moneys. Effective immediately. SENATE AMENDMENT NO. 2. Further amends the Deposit of State Moneys Act. Allows certain interest income on deposits of State moneys to be used to secure up to 10% of (i) home loans in situations where the financial institu- tion would not offer the borrower a loan under the institution's pre- vailing credit standards without the incentive of a reduced rate of interest on deposits of State moneys and (ii) existing home loans that would be subject to foreclosure under an institution's prevail- ing policies if it were not for the incentive of a reduced rate of interest on deposits of State moneys (instead of allowing the in- stitution to pay a reduced rate of interest if it agrees to a plan to make those loans). FEB-23-2001 H FILED WITH CLERK FEB-23-2001 H FIRST READING FEB-23-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-27-2001 H ASSIGNED TO COMMITTEE EXECUTIVE MAR-12-2001 H FISCAL NOTE FILED MAR-12-2001 H COMMITTEE EXECUTIVE MAR-15-2001 H DO PASS/SHORT DEBATE 013-000-000 HEXC MAR-15-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-15-2001 H ADDED AS A JOINT SPONSOR DELGADO MAR-15-2001 H ADDED AS A CO-SPONSOR MCGUIRE MAR-23-2001 H JOINT-SPONSOR CHANGED TO SCHOENBERG MAR-23-2001 H ADDED AS A CO-SPONSOR MCKEON APR-02-2001 H AMENDMENT NO. 01-BURKE APR-02-2001 H AMENDMENT REFERRED TO HRUL APR-02-2001 H CALENDAR ORDER 2ND READING-SHORT DEBATE APR-04-2001 H AMENDMENT NO. 01-BURKE APR-04-2001 H RULES REFERS TO HEXC APR-04-2001 H SECOND READING-SHORT DEBATE APR-04-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-06-2001 H PLCD CAL ORDER 3RD READING-SHORT DEBATE APR-06-2001 H TABLED PURSUANT TO RULE 40(a) HA #1 APR-06-2001 H THIRD READING/SHORT DEBATE/PASSED 115-000-000 APR-06-2001 H ADDED AS A CO-SPONSOR KENNER APR-06-2001 H ADDED AS A CO-SPONSOR HOWARD APR-06-2001 H ADDED AS A CO-SPONSOR HAMOS APR-10-2001 S ARRIVE IN SENATE APR-10-2001 S PLACED CALENDAR ORDER OF FIRST READING 01-04-17 APR-10-2001 S CHIEF SPONSOR LUECHTEFELD APR-10-2001 S FIRST READING APR-10-2001 S REFERRED TO SENATE RULES COMMITTEE RULES MAY-02-2001 S ASSIGNED TO COMMITTEE EXECUTIVE MAY-09-2001 S AMENDMENT NO. 01-EXECUTIVE S MAY-09-2001 S ADOPTED MAY-10-2001 S DO PASS AS AMENDED 012-000-000 SEXC MAY-10-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-05-11 MAY-17-2001 S FILED WITH SECRETARY MAY-17-2001 S AMENDMENT NO. 02-LUECHTEFELD MAY-17-2001 S AMENDMENT REFERRED TO SRUL MAY-17-2001 S SECOND READING MAY-17-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-05-18 MAY-17-2001 S AMENDMENT NO. 02-LUECHTEFELD MAY-17-2001 S RULES REFERS TO SEXC MAY-18-2001 S AMENDMENT NO. 02-LUECHTEFELD MAY-18-2001 S BE ADOPTED SEXC/010-000-000 MAY-18-2001 S ADDED AS A CHIEF CO-SPONSOR LAUZEN MAY-18-2001 S RECALLED TO SECOND READING MAY-18-2001 S AMENDMENT NO. 02-LUECHTEFELD MAY-18-2001 S ADOPTED MAY-18-2001 S PLACED ON CALENDAR ORDER OF 3RD READING MAY-18-2001 S THIRD READING - PASSED 058-000-000 MAY-18-2001 H ARRIVE IN HOUSE MAY-18-2001 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01,02 MAY-22-2001 H MOTION FILED CONCUR 01,02/BURKE MAY-22-2001 H MOTION REFERRED TO HRUL MAY-22-2001 H CALENDAR ORDER OF CONCURRENCE 01,02 MAY-29-2001 H MOTION TO CONCUR REFERRED TO HEXC MAY-29-2001 H RECOMMENDS BE ADOPTED HEXC/010-000-000 MAY-29-2001 H CALENDAR ORDER OF CONCURRENCE 01,02 MAY-30-2001 H HSE CONCURS IN SEN AMENDMENTS (NO.) 01,02/117-000-000 MAY-30-2001 H PASSED BOTH HOUSES MAY-30-2001 H JOINT-SPONSOR CHANGED TO MORROW MAY-30-2001 H JOINT-SPONSOR CHANGED TO JONES,LOU MAY-30-2001 H ADDED AS A CO-SPONSOR RYAN MAY-30-2001 H ADDED AS A CO-SPONSOR O'CONNOR JUN-28-2001 H SENT TO THE GOVERNOR AUG-23-2001 H GOVERNOR APPROVED AUG-23-2001 H EFFECTIVE DATE 01-08-23 AUG-23-2001 H PUBLIC ACT.............................. 92-0482 END OF INQUIRY Full Text Bill Summary