97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1912

 

Introduced , by Rep. John E. Bradley

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/21-398 new

    Amends the Property Tax Code. Provides that the county clerk shall distribute any redemption payments, along with any accrued interest and penalties, to the holder of the certificate of purchase (i) within 15 business days after payment is received from the redeeming party or (ii) upon surrender of the certificate of purchase by the certificate holder, whichever occurs later. Provides that, if a redemption payment is made under protest, the county clerk shall distribute the redemption money within 15 business days after a certified copy of the court order directing the county clerk to make such a distribution is presented to the county clerk. Requires tax purchasers to notify the county clerk if the certificate of purchase is assigned or reassigned. Excludes partial redemption payments and redemption payments that have been set aside by court order. Provides that the Section does not apply in counties with more than 3,000,000 inhabitants. Effective January 1, 2012.


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FISCAL NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

HB1912LRB097 09103 HLH 49238 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 21-398 as follows:
 
6    (35 ILCS 200/21-398 new)
7    Sec. 21-398. Payments to certificate holders.
8    (a) Except as provided in subsections (b), (c), and (d),
9the county clerk shall distribute any redemption payments,
10along with any accrued interest and penalties, to the holder of
11the certificate of purchase (i) within 15 business days after
12payment is received from the redeeming party or (ii) upon
13surrender of the certificate of purchase by the certificate
14holder, whichever occurs later. The county clerk shall notify
15the certificate holder within 5 business days, either
16electronically or in writing, that the taxes have been
17redeemed.
18    (b) If a payment is made under protest as provided in
19Section 21-380 of this Code, then the county clerk shall
20distribute the redemption money to the holder of the
21certificate of purchase within 15 business days after a
22certified copy of the court order directing the county clerk to
23make such a distribution is presented to the county clerk.

 

 

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1    (c) Partial redemption payments shall be distributed as
2provided in Section 21-375.
3    (d) If an order is entered setting aside a redemption, then
4any prior distributions to the holder of the certificate of
5purchase must be refunded to the county clerk and redemption
6payments shall be distributed as provided in Section 21-397.
7    (e) If the certificate of purchase is assigned or
8reassigned to any party other than the tax purchaser, then the
9tax purchaser must notify the county clerk of that fact within
1015 business days after the reassignment occurs.
11    (f) This Section does not apply in counties with more than
123,000,000 inhabitants.
 
13    Section 99. Effective date. This Act takes effect January
141, 2012.