Bill Title: Amends the Mortgage Foreclosure Article of the Code of Civil Procedure in relation to short sales of property. Provides that, if an offer to purchase either a mortgage or residential property is made by an entity with a tax-exempt filing status under Section 501(c)(3) of the Internal Revenue Code or an entity that controls, is controlled by, or is under common control with an entity with such tax-exempt filing status, no mortgagee may require, as a condition of sale or transfer to any such entity, any affidavit, statement, agreement, or addendum limiting ownership or occupancy of the residential property by the mortgagor and, if obtained, the affidavit, statement, agreement, or addendum does not provide a basis to avoid a sale or transfer nor is it enforceable against the acquiring entity or any real estate broker, mortgagor, or settlement agent named in the affidavit, statement, or addendum. Effective immediately.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB2894 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2018-02-14	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB2894

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB2894 currently on file.

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