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Public Act 92-0294
HB3024 Enrolled LRB9208268REdv
AN ACT concerning land disclosure.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Airport and Correctional Facility Land Disclosure Act.
Section 5. Disclosure required. Neither the State nor any
unit of local government may enter into any agreement or
understanding for the use or acquisition of land that is
intended to be used or acquired for airport purposes or for a
correctional facility unless full disclosure of all
beneficial interests in the land is made under this Act.
Section 10. Beneficial interests. Each holder of any
beneficial interest in the land, including without limitation
beneficial interests in a land trust, must be disclosed,
including both individuals and other entities. If any
beneficial interest is held by an entity, other than an
entity whose shares are publicly traded, and not by an
individual, then all the holders of any beneficial interest
in that entity must be disclosed. This requirement continues
at each level of holders of beneficial interests until all
beneficial interests of all individuals in all entities,
other than entities whose shares are publicly traded, have
Section 15. Written statement. Disclosure must be made
by a written statement filed with the appropriate State
agency or unit of local government contemporaneously with the
execution of the agreement or understanding. Each individual
and entity must be disclosed by name and address and by a
description of the interest held, including the percentage
interest in the land held by the individual or entity. The
statement must be verified, subject to penalty of perjury, by
the individual who holds the greatest percentage of
beneficial interest in the land.
Section 20. Recordation. The State agency or unit of
local government must file the statement of record with the
recorder of each county in which any part of the land is
located within 3 business days after the statement is filed
with the State agency or unit of local government.
Section 25. Agreements and understandings void. Any
agreement or understanding in violation of this Act is void.
Section 30. Other disclosure requirements. The
disclosure required under this Act is in addition to, and not
in lieu of, any other disclosure required by law.
Section 99. Effective date. This Act takes effect upon
Passed in the General Assembly May 15, 2001.
Approved August 09, 2001.
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