Illinois General Assembly - Full Text of SB0142
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Full Text of SB0142  97th General Assembly

SB0142 97TH GENERAL ASSEMBLY

  
  

 


 
97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0142

 

Introduced 1/27/2011, by Sen. Iris Y. Martinez

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Foreclosure Prevention and Housing Task Force Act. Creates the Foreclosure Prevention and Housing Task Force to help move all communities in this State towards a direction of economic recovery and rebuilding. Contains provisions concerning the composition of the Task Force; Task Force duties; and reporting requirements. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning housing.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Foreclosure Prevention and Housing Task Force Act.
 
6    Section 5. Findings. The General Assembly finds as follows:
7    (1) The astronomical number of vacant homes and "For Sale"
8signs in Illinois communities reveal the dramatic impact the
9current economic crisis has had on homeowners throughout this
10State. In 2009, Illinois had the eighth-highest foreclosure
11rate in the country, with new foreclosure filings in the
12Chicago 6 county region calculated to be over 70,000, up 21%
13from 2008, according to the Woodstock Institute.
14    (2) The foreclosure and housing crisis is a setback in
15years of gains Illinoisans had achieved in the frontiers of
16homeownership and wealth creation. These alarming statistics
17are the impetus for public intervention that will examine and
18provide direction on the residential mortgage foreclosure
19crisis and housing accessibility in this State.
20    (3) Communities throughout this State are in need of
21additional resources to creatively respond to the detrimental
22issues caused by the enormous tide of foreclosures and the
23housing crisis. For the first time, there seems to be a

 

 

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1regressive pattern where homeowners are moving towards
2becoming homeless.
3    (4) Recognizing that solutions are likely as complex as the
4crisis itself, the goal of this Act is that through the
5establishment of a Task Force, the General Assembly will help
6move all communities in this State towards a direction of
7economic recovery and rebuilding.
 
8    Section 10. Foreclosure Prevention and Housing Task Force.
9    (a) The Foreclosure Prevention and Housing Task Force is
10created.
11    (b) The Task Force shall meet to organize and select a
12chairperson upon appointment of a majority of the members. The
13chairperson shall be elected by a majority vote of the members
14appointed to the Task Force. The Task Force shall meet at least
154 times a year at the call of the chairperson. Members of the
16Task Force shall serve without compensation, but may be
17reimbursed for reasonable expenses incurred as a result of
18their duties as members of the Task Force from funds
19appropriated by the General Assembly for that purpose.
20    (c) The Task Force shall be comprised of the following
21members:
22        (1) One member of the Senate appointed by the President
23    of the Senate and one member of the Senate appointed by the
24    Minority Leader of the Senate.
25        (2) One member of the House of Representatives

 

 

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1    appointed by the Speaker of the House of Representatives
2    and one member of the House of Representatives appointed by
3    the Minority Leader of the House of Representatives.
4        (3) Thirteen members appointed by the Governor as
5    follows:
6            (A) Two representatives of a certified HUD housing
7        organization that provides services to homeowners at
8        risk of losing their home to foreclosure.
9            (B) One representative from academia with a
10        background or expertise in housing trends and
11        financial regulations.
12            (C) One representative of the Division of Banking
13        within the Department of Financial and Professional
14        Regulation.
15            (D) One representative of the Illinois Housing
16        Development Authority's Neighborhood Stabilization
17        Program.
18            (E) One representative of the Office of the
19        Attorney General that works directly with housing
20        subprime lending patterns and the foreclosure
21        mitigation process.
22            (F) One representative of the Department of Human
23        Services' Homeless Prevention Program.
24            (G) One representative of a non-profit legal
25        organization that has experience with the foreclosure
26        process.

 

 

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1            (H) One person with a background in affordable
2        housing issues.
3            (I) Two persons with a background in housing policy
4        and research.
5            (J) One homeowner who has been impacted by the
6        foreclosure crisis in Illinois.
7            (K) One representative of a local financial or
8        lending institution.
9    (d) Each voting member shall serve for a term of 3 years
10and until his or her successor is appointed and has qualified.
11Vacancies shall be filled in the same manner as original
12appointments.    
 
13    Section 15. Task Force duties. The duties of the Task Force
14shall include all of the following:
15        (1) Monitor the emerging housing problems in Illinois
16    and make recommendations concerning these issues.
17        (2) Oversee actions to prevent foreclosures and
18    mitigate their impact on local communities.
19        (3) Oversee and provide insight about the rebuilding
20    process caused by the housing crisis and provide a
21    comprehensive and holistic approach to the rebuilding
22    process.
23        (4) Divide the work of the Task Force into 3 primary
24    focus areas as follows:
25            (A) Foreclosure Impact: This area shall be

 

 

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1        responsible for monitoring the foreclosure activity in
2        Illinois and determining approaches to mitigate the
3        impact on local communities.
4            (B) Housing Education and Outreach: This area
5        shall be responsible for recommending outreach,
6        counseling, and education programs focused on
7        foreclosure prevention and other affordable housing
8        programs needed to stabilize communities in Illinois.
9            (C) Regulatory Reform: This area shall be
10        responsible for reviewing existing Illinois laws and
11        regulations and making appropriate revisions and
12        recommendations for legislative actions.
 
13    Section 20. Reporting. The Task Force shall submit an
14annual report to the Department of Human Services, the
15Department of Financial and Professional Regulation, the
16Illinois Housing Development Authority, and the Office of the
17Attorney General on or before January 1, 2012 and on or before
18January 1 of each year thereafter with recommendations for
19effective policy advisements regarding housing policies and
20funding mechanisms to address the foreclosure and housing
21crisis, and shall provide an update on general housing trends
22affecting the residents in this State.
 
23    Section 25. Administrative support. The Department of
24Human Services shall provide administrative and staff support

 

 

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1to the Task Force.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.