SB0155 EnrolledLRB099 03384 HEP 23392 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 Code of Civil Procedure is amended by
5changing Section 15-1507.1 as follows:
 
6    (735 ILCS 5/15-1507.1)
7    (Section scheduled to be repealed on March 2, 2016)
8    Sec. 15-1507.1. Judicial sale fee for Abandoned
9Residential Property Municipality Relief Fund.
10    (a) Upon and at the sale of residential real estate under
11Section 15-1507, the purchaser shall pay to the person
12conducting the sale pursuant to Section 15-1507 a fee for
13deposit into the Abandoned Residential Property Municipality
14Relief Fund, a special fund created in the State treasury. The
15fee shall be calculated at the rate of $1 for each $1,000 or
16fraction thereof of the amount paid by the purchaser to the
17person conducting the sale, as reflected in the receipt of sale
18issued to the purchaser, provided that in no event shall the
19fee exceed $300. No fee shall be paid by the mortgagee
20acquiring the residential real estate pursuant to its credit
21bid at the sale or by any mortgagee, judgment creditor, or
22other lienor acquiring the residential real estate whose rights
23in and to the residential real estate arose prior to the sale.

 

 

SB0155 Enrolled- 2 -LRB099 03384 HEP 23392 b

1Upon confirmation of the sale under Section 15-1508, the person
2conducting the sale shall remit the fee to the clerk of the
3court in which the foreclosure case is pending. The clerk shall
4remit the fee to the State Treasurer as provided in this
5Section, to be expended for the purposes set forth in Section
67.31 of the Illinois Housing Development Act.
7    (b) All fees paid by purchasers as provided in this Section
8shall be disbursed within 60 days after receipt by the clerk of
9the court as follows: (i) 98% to the State Treasurer for
10deposit into the Abandoned Residential Property Municipality
11Relief Fund, and (ii) 2% to the clerk of the court to be
12retained by the clerk for deposit into the Circuit Court Clerk
13Operation and Administrative Fund to defray administrative
14expenses related to implementation of this Section.
15    (c) Not later than March 1 of each year, the clerk of the
16court shall submit to the Illinois Housing Development
17Authority a report of the funds collected and remitted during
18the preceding year pursuant to this Section.
19    (d) Subsections (a) and (b) of this Section shall become
20inoperative on January 1, 2017 2016. This Section is repealed
21on March 2, 2017 2016.
22(Source: P.A. 98-20, eff. 6-11-13.)
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.