97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1574

 

Introduced 2/15/2011, by Rep. Elizabeth Hernandez

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 710/1.1  from Ch. 80, par. 101.1

    Amends the Security Deposit Return Act. In a provision that requires a lessor to return a security deposit or prepaid rent to the lessee upon transfer of residential property, removes an exception for property acquired by a lienholder.


LRB097 07664 AJO 47775 b

 

 

A BILL FOR

 

HB1574LRB097 07664 AJO 47775 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Security Deposit Return Act is amended by
5changing Section 1.1 as follows:
 
6    (765 ILCS 710/1.1)  (from Ch. 80, par. 101.1)
7    Sec. 1.1. In the event of a sale, lease, transfer or other
8direct or indirect disposition of residential real property,
9other than to the holder of a lien interest in such property,
10by a lessor who has received a security deposit or prepaid rent
11from a lessee, the transferee of such property shall be liable
12to that lessee for any security deposit, including statutory
13interest, or prepaid rent which the lessee has paid to the
14transferor. Transferor shall remain jointly and severally
15liable with the transferee to the lessee for such security
16deposit or prepaid rent.
17(Source: P.A. 81-1525.)