Bill Status of SB1728 98th General Assembly
Short Description: FORCLOSURES-HOMEOWNER PROTECT
Sen. Jacqueline Y. Collins - Mattie Hunter - William Delgado - Iris Y. Martinez, Napoleon Harris, III and Steve Stadelman
| 1/13/2015||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Code of Civil Procedure. Provides that a Section concerning homeowner protections is repealed on January 1, 2014 (instead of July 1, 2013). Adds a new Section concerning homeowner protection which becomes operative on January 1, 2014 and contains substantially the same provisions of the former Section, with additions and deletions. Defines terms. Provides that the notice provided to certain mortgagors in default must contain language advising the mortgagor that a list of approved housing counselors can be found on the website of the Illinois Foreclosure Prevention Network. Adds requirements concerning: foreclosure prevention alternative applications; documents relative to foreclosure proceedings; proceedings in foreclosure actions; and private rights of action. Provides that the Section concerning homeowner protection applies only to residential real estate with no more than 4 dwelling units that is occupied as a principal residence by the mortgagor and that its provisions are severable. Provides that the Department of Financial and Professional Regulation may adopt rules to implement the Section. Provides that for certain types of properties, a mortgage foreclosure complaint must contain statements as to what sustainable loan workout plans or foreclosure prevention alternatives have or will be attempted. Amends the Conveyances Act. In provisions concerning the effect of recording deeds, mortgages, and other instruments, makes the following changes: provides that those provisions also apply to the recording of assignments, mortgage releases, mortgage modifications, land equity loans, liens, lis pendens, and memoranda of judgment; changes the scope to instruments that affect interests in real property; and provides that deeds and title papers are void until recorded (instead of void until recorded as to creditors and subsequent purchasers) with the recorder's office in the county in which the property is located. Effective immediately, except that the new homeowner protection provisions take effect January 1, 2014.