IL SB3551 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1015
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1015
Text: Latest bill text (Chaptered) [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
Roll Calls
2024-05-23 - House - Third Reading in House (Y: 110 N: 0 NV: 1 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 59 N: 0 NV: 0 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 59 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-08-09 | Senate | Public Act . . . . . . . . . 103-1015 |
| 2024-08-09 | Senate | Effective Date January 1, 2025 |
| 2024-08-09 | Senate | Governor Approved |
| 2024-06-21 | Senate | Sent to the Governor |
| 2024-05-23 | Senate | Passed Both Houses |
| 2024-05-23 | House | Third Reading - Short Debate - Passed 110-000-000 |
| 2024-05-17 | House | Third Reading/Final Action Deadline Extended-9(b) May 24, 2024 |
| 2024-05-08 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-05-08 | House | Second Reading - Short Debate |
| 2024-05-01 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-04-30 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 2024-04-24 | House | Assigned to Financial Institutions and Licensing Committee |
| 2024-04-15 | House | Referred to Rules Committee |
| 2024-04-15 | House | First Reading |
| 2024-04-12 | House | Chief House Sponsor Rep. Margaret Croke |
| 2024-04-12 | House | Arrived in House |
| 2024-04-12 | Senate | Third Reading - Passed; 059-000-000 |
| 2024-04-11 | Senate | Added as Co-Sponsor Sen. Mary Edly-Allen |
| 2024-04-10 | Senate | Added as Co-Sponsor Sen. Laura M. Murphy |
| 2024-04-10 | Senate | Placed on Calendar Order of 3rd Reading ** |
| 2024-03-21 | Senate | Placed on Calendar Order of 3rd Reading March 22, 2024 |
| 2024-03-21 | Senate | Second Reading |
| 2024-03-21 | Senate | Senate Floor Amendment No. 2 Adopted |
| 2024-03-21 | Senate | Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000 |
| 2024-03-20 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Judiciary |
| 2024-03-15 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 2024-03-15 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Sara Feigenholtz |
| 2024-03-13 | Senate | Placed on Calendar Order of 2nd Reading March 14, 2024 |
| 2024-03-13 | Senate | Do Pass as Amended Judiciary; 009-000-000 |
| 2024-03-12 | Senate | Senate Committee Amendment No. 1 Adopted |
| 2024-03-06 | Senate | Postponed - Judiciary |
| 2024-03-06 | Senate | Senate Committee Amendment No. 1 Postponed - Judiciary |
| 2024-03-05 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Judiciary |
| 2024-03-04 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2024-03-04 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz |
| 2024-02-20 | Senate | Assigned to Judiciary |
| 2024-02-09 | Senate | Referred to Assignments |
| 2024-02-09 | Senate | First Reading |
| 2024-02-09 | Senate | Filed with Secretary by Sen. Sara Feigenholtz |
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 |
