Illinois General Assembly - Bill Status for SB3407
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 Bill Status of SB3407  97th General Assembly


Short Description:  CONDO-REVERSE MORTGAGE-FINANCE

Senate Sponsors
Sen. Ira I. Silverstein

Last Action
DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
765 ILCS 605/19.1 new


Synopsis As Introduced
Amends the Condominium Property Act. Provides that notwithstanding any provision in any condominium instrument or bylaw, a condominium association must not: impair or restrict a condominium unit owner from securing a reverse mortgage, so long as the reverse mortgage does not adversely affect the rights of an association to collect an assessment; prevent, impair, or restrict a unit owner from borrowing money on the unit by refusing to cooperate with a lender or any federal program; or levy a fee to process or to close on a reverse mortgage or other similar financing transaction.

Actions 
DateChamber Action
  2/7/2012SenateFiled with Secretary by Sen. Ira I. Silverstein
  2/7/2012SenateFirst Reading
  2/7/2012SenateReferred to Assignments
  2/17/2012SenateAssigned to Judiciary
  2/28/2012SenateTo Judiciary Subcommittee on Property and Environment
  3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012
  3/30/2012SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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