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Rep. Arthur Turner
Filed: 11/3/2015
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| 1 | | AMENDMENT TO SENATE BILL 155
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 155, AS AMENDED, by |
| 3 | | replacing everything after the enacting clause with the |
| 4 | | following:
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| 5 | | "Section 5. The Code of Civil Procedure is amended by |
| 6 | | changing Section 15-1507.1 as follows:
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| 7 | | (735 ILCS 5/15-1507.1) |
| 8 | | (Section scheduled to be repealed on March 2, 2016) |
| 9 | | Sec. 15-1507.1. Judicial sale fee for Abandoned |
| 10 | | Residential Property Municipality Relief Fund. |
| 11 | | (a) Upon and at the sale of residential real estate under |
| 12 | | Section 15-1507, the purchaser shall pay to the person |
| 13 | | conducting the sale pursuant to Section 15-1507 a fee for |
| 14 | | deposit into the Abandoned Residential Property Municipality |
| 15 | | Relief Fund, a special
fund created in the State treasury. The |
| 16 | | fee shall be calculated at the rate of $1 for each $1,000 or |
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| 1 | | fraction thereof of the amount paid by the purchaser to the |
| 2 | | person conducting the sale, as reflected in the receipt of sale |
| 3 | | issued to the purchaser, provided that in no event shall the |
| 4 | | fee exceed $300. No fee shall be paid by the mortgagee |
| 5 | | acquiring the residential real estate pursuant to its credit |
| 6 | | bid at the sale or by any mortgagee, judgment creditor, or |
| 7 | | other lienor acquiring the residential real estate whose rights |
| 8 | | in and to the residential real estate arose prior to the sale. |
| 9 | | Upon confirmation of the sale under Section 15-1508, the person |
| 10 | | conducting the sale shall remit the fee to the clerk of the |
| 11 | | court in which the foreclosure case is pending. The clerk shall |
| 12 | | remit the fee to the State Treasurer as provided in this |
| 13 | | Section, to be expended for the purposes set forth in Section |
| 14 | | 7.31 of the Illinois Housing Development Act. |
| 15 | | (b) All fees paid by purchasers as provided in this Section |
| 16 | | shall be disbursed within 60 days after receipt by the clerk of |
| 17 | | the court as follows: (i) 98% to the State Treasurer for |
| 18 | | deposit into the Abandoned Residential Property Municipality |
| 19 | | Relief Fund, and (ii) 2% to the clerk of the court to be |
| 20 | | retained by the clerk for deposit into the Circuit Court Clerk |
| 21 | | Operation and Administrative Fund to defray administrative |
| 22 | | expenses related to implementation of this Section. |
| 23 | | (c) Not later than March 1 of each year, the clerk of the |
| 24 | | court shall submit to the Illinois Housing Development |
| 25 | | Authority a report of the funds collected and remitted during |
| 26 | | the preceding year pursuant to this Section. |