Illinois General Assembly - Full Text of SB0129
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Full Text of SB0129  97th General Assembly

SB0129 97TH GENERAL ASSEMBLY

  
  

 


 
97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0129

 

Introduced 1/27/2011, by Sen. Martin A. Sandoval

 

SYNOPSIS AS INTRODUCED:
 
720 ILCS 5/16H-31 new

    Amends the Criminal Code of 1961. Creates the offense of perpetrating a fraudulent foreclosure. Provides that a person commits the offense when he or she has a security interest in real property and files a foreclosure action under the Illinois Mortgage Foreclosure Law to terminate the mortgagor's rights and interests in the real property when the circumstances that gave rise to the action are not in violation of the terms of the mortgage agreement, or if the circumstances are in breach of the mortgage agreement, the terms of the mortgage agreement do not permit foreclosure at the time of the filing of the action. Provides that a violation is a Class X felony for which the court shall impose a minimum fine of $500,000.


LRB097 06219 RLC 46294 b

CORRECTIONAL BUDGET AND IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB0129LRB097 06219 RLC 46294 b

1    AN ACT concerning criminal law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Criminal Code of 1961 is amended by adding
5Section 16H-31 as follows:
 
6    (720 ILCS 5/16H-31 new)
7    Sec. 16H-31. Perpetuating a fraudulent foreclosure.
8    (a) A person commits perpetrating a fraudulent foreclosure
9when he or she has a security interest in real property and
10files a foreclosure action under the Illinois Mortgage
11Foreclosure Law to terminate the mortgagor's rights and
12interests in the real property when the circumstances that gave
13rise to the action are not in violation of the terms of the
14mortgage agreement, or if the circumstances are in breach of
15the mortgage agreement, the terms of the mortgage agreement do
16not permit foreclosure at the time of the filing of the action.
17    (b) Sentence. Perpetrating a fraudulent foreclosure is a
18Class X felony for which the court shall impose a minimum fine
19of $500,000.