HB 2614

Abstract

Amends the Home Equity Assurance Act. Makes a technical change in a Section concerning the short title. House Committee Amendment No. 1 Deletes reference to: 65 ILCS 95/1 Adds reference to: 65 ILCS 95/11 from Ch. 24, par. 1611 Replaces everything after the enacting clause. Amends the Home Equity Assurance Act. Provides that a governing commission, with no less than $4,000,000 in its guarantee fund, may, if authorized (i) by referendum approved by a majority of the voters or (ii) by resolution of the governing commission upon approval by two-thirds of the commissioners, establish a Delinquent Tax Repayment Loan Fund to provide low-interest emergency loans to eligible applicants. Includes procedures to initiate and approve a referendum for the Delinquent Tax Repayment Loan Fund. Provides for conditions for the establishment and administration of the guaranteed home equity program with funds collected under the program. House Floor Amendment No. 2 Provides that the subsection applies to the Northwest Home Equity Assurance Program (rather than to a governing commission with no less than $4,000,000 in its guarantee fund).