IL HB5231 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 8 2024 - 25% progression
Action: 2024-04-19 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [HTML]
Status: Introduced on February 8 2024 - 25% progression
Action: 2024-04-19 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Engrossed) [HTML]
Summary
Amends the Residential Mortgage License Act of 1987. Provides that, prior to taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided specified counseling regardless of the county in which the property is located. Provides that the borrower may not waive counseling. Provides that the Secretary of Financial and Professional Regulation may adopt rules relating to shared appreciation agreements. Defines "shared appreciation agreement", and includes shared appreciation agreements within the definition of "mortgage loan", "residential mortgage loan", or "home mortgage loan". Defines "shared appreciation agreement" as a writing evidencing a transaction or any option, future, or any other derivative between a person and a consumer is which the consumer receives money or any other item of value in exchange for an interest or future interest in a dwelling or residential real estate or a future obligation to repay a sum on the occurrence of an event, such as (i) the transfer of ownership, (ii) a repayment maturity date, (iii) the death of the consumer, or (iv) any other event contemplated by the writing. Amends the Residential Real Property Disclosure Act. Defines "counseling". Effective immediately.
Title
SHARED APPRECIATION AGREEMENTS
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-19 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2024-04-11 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-04-11 | House | House Floor Amendment No. 2 Adopted |
| 2024-04-11 | House | Second Reading - Short Debate |
| 2024-03-20 | House | House Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000 |
| 2024-03-20 | House | House Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee |
| 2024-03-18 | House | House Floor Amendment No. 2 Referred to Rules Committee |
| 2024-03-18 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Margaret Croke |
| 2024-03-13 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-03-12 | House | Do Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 2024-03-12 | House | House Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote |
| 2024-03-12 | House | House Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 2024-03-04 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2024-03-04 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke |
| 2024-02-28 | House | Assigned to Financial Institutions and Licensing Committee |
| 2024-02-09 | House | Referred to Rules Committee |
| 2024-02-09 | House | First Reading |
| 2024-02-08 | House | Filed with the Clerk by Rep. Margaret Croke |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 205 | 635 | 1-4 | Amended Code | Citation Text |
| 205 | 635 | 5-12.5 | New Code | See Bill Text |
| 765 | 77 | 72 | Amended Code | Citation Text |
| 765 | 77 | 73 | Amended Code | Citation Text |
