Bill Text: IL SB1692 | 2011-2012 | 97th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Uniform Commercial Code. Provides that no person shall file a fraudulent financing statement and assigns civil and criminal penalties for such filings. Provides a procedure for filing a form affidavit to provide notice of a fraudulent financing statement or amendment and provides guidance for when the Secretary of State may terminate the financing statement or amendment based on the affidavit. Provides that a filing office may terminate a record under specified circumstances with notice to the filer of the financing statement or amendment. Provides several circumstances where effective filing does not occur. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 5-1)

Status: (Passed) 2012-07-25 - Public Act . . . . . . . . . 97-0849 [SB1692 Detail]

Download: Illinois-2011-SB1692-Amended.html

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Rep. Michael J. Zalewski

Filed: 5/8/2012

09700SB1692ham003 LRB097 06688 JLS 69260 a
AMENDMENT TO SENATE BILL 1692
AMENDMENT NO. ______. Amend Senate Bill 1692, AS AMENDED,
with reference to page and line numbers of House Amendment No.
2, on page 5, line 19, by replacing "loan" with "loan or a
consumer credit transaction made by a natural person who
provides seller financing secured by a principal residence no
more than 3 times in a 12-month period, provided such consumer
credit transaction is not made by a person that has constructed
or acted as a contractor for the construction of the residence
in the ordinary course of business of such person".