Illinois General Assembly - Bill Status for SB2981

Illinois General Assembly - Bill Status for SB2981

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Bill Status of SB2981 93rd General Assembly

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Short Description: HOMEOWNER MORTGAGE ASSISTANCE

Senate Sponsors
Sen. Kimberly A. Lightford - Jacqueline Y. Collins - Martin A. Sandoval - Dan Rutherford - Iris Y. Martinez, James T. Meeks, Mattie Hunter and Jeffrey M. Schoenberg

House Sponsors
(Rep. David E. Miller)

Last Action

Date	Chamber	Action
1/11/2005	Senate	Session Sine Die

Statutes Amended In Order of Appearance

20 ILCS 3805/7.24i new

30 ILCS 105/5.625 new

Synopsis As Introduced
Amends the Illinois Housing Development Act. Creates the Homeowner's Emergency Mortgage Assistance Program. Provides that the Illinois Housing Authority or not-for-profit corporations designated by the Authority may make payments on mortgages for single-family residences under certain circumstances. Sets the requirements for the application for mortgage assistance. Requires a mortgagor to make monthly payments to the Authority or designated agency when receiving mortgage assistance. Provides for the repayment of mortgage assistance by the mortgagor. Amends the State Finance Act to create the Emergency Mortgage Assistance Fund. Effective immediately.

Senate Floor Amendment No. 1

	Adds reference to:
	30 ILCS 105/8h

In the Illinois Housing Development Act, provides that designated agencies must be not-for-profit corporations with offices in Illinois (instead of "Illinois not-for-profit corporations"). Provides that designated agencies are required to provide counseling only to the extent that they are willing and able to do so. Provides that assistance by designated agencies may include foreclosure intervention and mortgage workout counseling. Provides that mortgage assistance payment may be made only in accordance with Authority rules and are subject to the availability of funds, and provides that assistance payments may be made only if it is not otherwise possible to prevent a foreclosure. Deletes duties of designated agencies concerning making payments on behalf of or receiving repayments from mortgagors. Provides that interest on mortgage assistance payments must be based on U.S. 20-year (instead of "30-year") bonds. Further amends the State Finance Act to exempt moneys held in the Emergency Mortgage Assistance Fund from certain transfers to the General Revenue Fund. Makes other changes.

Actions

Date	Chamber	Action
2/6/2004	Senate	Filed with Secretary by Sen. Kimberly A. Lightford
2/6/2004	Senate	First Reading
2/6/2004	Senate	Referred to Rules
2/6/2004	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2/6/2004	Senate	Added as Chief Co-Sponsor Sen. Martin A. Sandoval
2/18/2004	Senate	Assigned to Financial Institutions
2/26/2004	Senate	Do Pass Financial Institutions; 006-003-000
2/26/2004	Senate	Placed on Calendar Order of 2nd Reading March 2, 2004
3/3/2004	Senate	Added as Co-Sponsor Sen. James T. Meeks
3/23/2004	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
3/23/2004	Senate	Senate Floor Amendment No. 1 Referred to Rules
3/23/2004	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
3/23/2004	Senate	Senate Floor Amendment No. 2 Referred to Rules
3/24/2004	Senate	Senate Floor Amendment No. 1 Rules Refers to Financial Institutions
3/24/2004	Senate	Senate Floor Amendment No. 1 Be Adopted Financial Institutions; 008-000-000
3/24/2004	Senate	Added as Chief Co-Sponsor Sen. Dan Rutherford
3/24/2004	Senate	Second Reading
3/24/2004	Senate	Senate Floor Amendment No. 1 Adopted; Lightford
3/24/2004	Senate	Placed on Calendar Order of 3rd Reading March 25, 2004
3/24/2004	Senate	Added as Chief Co-Sponsor Sen. Iris Y. Martinez
3/26/2004	Senate	Added as Co-Sponsor Sen. Mattie Hunter
3/26/2004	Senate	Added as Co-Sponsor Sen. Jeffrey M. Schoenberg
3/26/2004	Senate	Third Reading - Passed; 042-010-000
3/26/2004	Senate	Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
3/29/2004	House	Arrived in House
3/29/2004	House	Placed on Calendar Order of First Reading
3/29/2004	House	Chief House Sponsor Rep. David E. Miller
3/29/2004	House	First Reading
3/29/2004	House	Referred to Rules Committee
1/11/2005	Senate	Session Sine Die