Full Text of HB2462 94th General Assembly
HB2462enr 94TH GENERAL ASSEMBLY
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HB2462 Enrolled |
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LRB094 08914 BDD 39134 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 31-25 as follows: | 6 |
| (35 ILCS 200/31-25)
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| Sec. 31-25. Transfer declaration. At the time a deed, a | 8 |
| document
transferring a controlling interest in real property,
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| or trust document is
presented for recordation, or within 3 | 10 |
| business days after the transfer is
effected, whichever is | 11 |
| earlier,
there shall also be presented to the recorder or
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| registrar of titles a declaration, signed by at least one of | 13 |
| the sellers and
also signed by at least one of the buyers in | 14 |
| the transaction or by the
attorneys or agents for the sellers | 15 |
| or buyers. The declaration shall state
information including, | 16 |
| but not limited to: (a) the value of the real property
or | 17 |
| beneficial interest in real property located in Illinois
so | 18 |
| transferred; (b) the parcel
identifying number of the property; | 19 |
| (c) the legal description of
the
property; (d) the date of the | 20 |
| deed, the date the transfer was effected,
or the date of the | 21 |
| trust document; (e) the type of deed, transfer,
or
trust | 22 |
| document; (f) the address of the property; (g) the type of | 23 |
| improvement,
if any, on the property; (h) information as to | 24 |
| whether the
transfer is
between related individuals or | 25 |
| corporate affiliates or is a
compulsory transaction; (i)
the | 26 |
| lot size or acreage; (j) the value of personal property sold | 27 |
| with the
real estate; (k) the year the contract was initiated | 28 |
| if an installment sale;
and (l) any homestead exemptions, as | 29 |
| provided in Sections 15-170, 15-172, 15-175, and 15-176 as | 30 |
| reflected on the most recent annual tax bill; and (m) the name, | 31 |
| address, and telephone number of the person preparing the
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| declaration. Except as provided in Section 31-45, a deed, a |
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HB2462 Enrolled |
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LRB094 08914 BDD 39134 b |
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| document
transferring a controlling interest in real property,
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| or trust
document shall not be accepted for recordation unless | 3 |
| it is accompanied by a
declaration containing all the | 4 |
| information requested
in the declaration. When the declaration | 5 |
| is signed by an attorney or agent on
behalf of sellers or | 6 |
| buyers who have the power of direction to deal with the
title | 7 |
| to the real estate under a land trust agreement, the trustee | 8 |
| being the
mere repository of record legal title with a duty of | 9 |
| conveying the real estate
only when and if directed in writing | 10 |
| by the beneficiary or beneficiaries having
the power of | 11 |
| direction, the attorneys or agents executing the declaration on
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| behalf of the sellers or buyers need identify only the land | 13 |
| trust that is the
repository of record legal title and not the | 14 |
| beneficiary or beneficiaries
having the power of direction | 15 |
| under the land trust agreement. The declaration
form shall be | 16 |
| prescribed by the Department and shall contain sales | 17 |
| information
questions.
For sales occurring during a period in | 18 |
| which the provisions of Section 17-10
require the Department to | 19 |
| adjust sale prices for seller paid points and
prevailing cost | 20 |
| of cash,
the declaration form shall contain questions
regarding | 21 |
| the financing of the sale. The subject of the financing | 22 |
| questions
shall include any direct seller participation in the | 23 |
| financing of the sale or
information on financing that is | 24 |
| unconventional so as to affect the fair cash
value received by | 25 |
| the seller. The intent of the sales and financing questions
is | 26 |
| to aid in the reduction in the number of buyers required to | 27 |
| provide
financing information necessary for the adjustment | 28 |
| outlined in Section 17-10.
For sales occurring during a period | 29 |
| in which the provisions of Section 17-10
require the Department | 30 |
| to adjust sale prices for seller paid points and
prevailing | 31 |
| cost of cash,
the declaration form shall include, at a minimum, | 32 |
| the following data: (a)
seller paid points, (b) the sales | 33 |
| price, (c) type of
financing
(conventional, VA, FHA, | 34 |
| seller-financed, or other), (d) down
payment, (e) term,
(f) | 35 |
| interest rate, (g) type and description of interest
rate | 36 |
| (fixed, adjustable
or renegotiable), and (h) an appropriate |
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| place for the inclusion of special
facts or circumstances, if | 2 |
| any. The Department
shall
provide an adequate supply of forms | 3 |
| to each recorder and registrar of titles in
the State.
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| (Source: P.A. 93-657, eff. 6-1-04 .)
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| Section 99. Effective date. This Act takes effect upon | 6 |
| becoming law.
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