HB1574 97TH GENERAL ASSEMBLY

LRB097 07664 AJO 47775 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1574

Introduced 2/15/2011, by Rep. Elizabeth Hernandez

SYNOPSIS AS INTRODUCED:

765 ILCS 710/1.1

from Ch. 80, par. 101.1

Amends the Security Deposit Return Act. In a provision that requires a lessor to return a security deposit or prepaid rent to the lessee upon transfer of residential property, removes an exception for property acquired by a lienholder.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Security Deposit Return Act is amended by changing Section 1.1 as follows:

(765 ILCS 710/1.1) (from Ch. 80, par. 101.1)

Sec. 1.1. In the event of a sale, lease, transfer or other direct or indirect disposition of residential real property, other than to the holder of a lien interest in such property, by a lessor who has received a security deposit or prepaid rent from a lessee, the transferee of such property shall be liable to that lessee for any security deposit, including statutory interest, or prepaid rent which the lessee has paid to the transferor. Transferor shall remain jointly and severally liable with the transferee to the lessee for such security deposit or prepaid rent.

(Source: P.A. 81-1525.)