SB 3551

  • Illinois Senate Bill
  • 103rd Regular Session
  • Introduced in Senate Apr 12, 2024
  • Senate
  • Passed House Apr 12, 2024
  • Signed by Governor Aug 09, 2024

Shared Appreciation Agreements

Abstract

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". Amends the Residential Real Property Disclosure Act. Provides that, for each loan for which the originator takes an application, the broker or originator must submit for inclusion in the predatory lending database whether the borrower has entered into a shared appreciation agreement. Provides that a borrower or borrowers subject to specified provisions shall be recommended for counseling if the Department of Financial and Professional Regulation finds the borrower or borrowers are all first-time homebuyers or refinancing a primary residence and the loan is a mortgage that includes a shared appreciation agreement. Effective immediately.

Bill Sponsors (4)

Votes


Actions


Aug 09, 2024

House

Governor Approved

House

Public Act . . . . . . . . . 103-1015

House

Effective Date January 1, 2025

Jun 21, 2024

House

Sent to the Governor

May 23, 2024

House

Passed Both Houses

House

Third Reading - Short Debate - Passed 110-000-000

May 17, 2024

House

Third Reading/Final Action Deadline Extended-9(b) May 24, 2024

May 08, 2024

House

Second Reading - Short Debate

House

Placed on Calendar Order of 3rd Reading - Short Debate

May 01, 2024

House

Placed on Calendar 2nd Reading - Short Debate

Apr 30, 2024

House

Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000

Apr 24, 2024

House

Assigned to Financial Institutions and Licensing Committee

Apr 15, 2024

House

Referred to Rules Committee

House

First Reading

Apr 12, 2024

House

Third Reading - Passed; 059-000-000

House

Chief House Sponsor Rep. Margaret Croke

House

Arrived in House

Apr 11, 2024

House

Added as Co-Sponsor Sen. Mary Edly-Allen

Apr 10, 2024

House

Placed on Calendar Order of 3rd Reading **

House

Added as Co-Sponsor Sen. Laura M. Murphy

Mar 21, 2024

House

Senate Floor Amendment No. 2 Adopted

House

Placed on Calendar Order of 3rd Reading March 22, 2024

House

Second Reading

House

Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000

Mar 20, 2024

House

Senate Floor Amendment No. 2 Assignments Refers to Judiciary

Mar 15, 2024

House

Senate Floor Amendment No. 2 Referred to Assignments

House

Senate Floor Amendment No. 2 Filed with Secretary by Sen. Sara Feigenholtz

Mar 13, 2024

House

Do Pass as Amended Judiciary; 009-000-000

House

Placed on Calendar Order of 2nd Reading March 14, 2024

Mar 12, 2024

House

Senate Committee Amendment No. 1 Adopted

Mar 06, 2024

House

Senate Committee Amendment No. 1 Postponed - Judiciary

House

Postponed - Judiciary

Mar 05, 2024

House

Senate Committee Amendment No. 1 Assignments Refers to Judiciary

Mar 04, 2024

House

Senate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz

House

Senate Committee Amendment No. 1 Referred to Assignments

Feb 20, 2024

House

Assigned to Judiciary

Feb 09, 2024

House

Filed with Secretary by Sen. Sara Feigenholtz

House

Referred to Assignments

House

First Reading

Bill Text

Bill Text Versions Format
Introduced HTML PDF
Engrossed HTML PDF
Enrolled HTML PDF
Senate Amendment 001 HTML PDF
Senate Amendment 002 HTML PDF

Related Documents

Document Format
Public Act

Sources

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