CIV PRO-SHORT SALE RESALE Senate SponsorsSen. Jacqueline Y. Collins-Iris Y. Martinez-Don Harmon House Sponsors(Rep. Curtis J. Tarver, II-Arthur Turner) 8/16/2019SenatePublic Act . . . . . . . . . 101-0396 735 ILCS 5/15-1401.1Amends 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 for the purpose of reselling that mortgage or residential property to the mortgagor, and financing for the repurchase will be provided by a certified community development financial institution, an affidavit, statement, agreement, or addendum limiting ownership or occupancy of the residential property by the mortgagor shall 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, agreement, or addendum. Provides that, at the time of an offer, specified disclosures shall be made to the mortgagee in connection with any purchase of a sale. Provides that, upon request by the mortgagee, a certified community development financial institution shall provide documentation evidencing its current certification status. Effective immediately.Senate Committee Amendment No. 1 Provides that "residential property" is limited to the primary (rather than the principal) residence of a person. Provides that specified disclosures shall be made to the mortgagee by the mortgagor. Provides that nothing in the new provisions shall impair, abrogate, or abridge in any manner the rights of the mortgagee to accept or reject an offer to purchase either a mortgage or residential property, nor shall it give rise to a cause of action. 1/29/2019SenateFiled with Secretary by Sen. Jacqueline Y. Collins 1/29/2019SenateFirst Reading 1/29/2019SenateReferred to Assignments 1/30/2019SenateAssigned to Financial Institutions 1/31/2019SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez 2/8/2019SenateAdded as Chief Co-Sponsor Sen. Don Harmon 3/4/2019SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins 3/4/2019SenateSenate Committee Amendment No. 1 Referred to Assignments 3/6/2019SenatePostponed - Financial Institutions 3/6/2019SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions 3/13/2019SenateSenate Committee Amendment No. 1 Adopted 3/13/2019SenateDo Pass as Amended Financial Institutions; 007-000-000 3/13/2019SenatePlaced on Calendar Order of 2nd Reading March 14, 2019 3/20/2019SenateSecond Reading 3/20/2019SenatePlaced on Calendar Order of 3rd Reading March 21, 2019 3/27/2019SenateThird Reading - Passed; 053-000-000 3/27/2019HouseArrived in House 3/27/2019HouseChief House Sponsor Rep. Curtis J. Tarver, II 3/27/2019HouseFirst Reading 3/27/2019HouseReferred to Rules Committee 4/9/2019HouseAssigned to Executive Committee 5/9/2019HouseAdded Alternate Chief Co-Sponsor Rep. Arthur Turner 5/10/2019HouseRule 19(a) / Re-referred to Rules Committee 5/22/2019HouseAssigned to Executive Committee 5/22/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019 5/22/2019HouseMotion Filed to Suspend Rule 21 Executive Committee; Rep. Gregory Harris 5/22/2019HouseMotion to Suspend Rule 21 - Prevailed 5/23/2019HouseDo Pass / Short Debate Executive Committee; 013-000-000 5/23/2019HousePlaced on Calendar 2nd Reading - Short Debate 5/23/2019HouseSecond Reading - Short Debate 5/23/2019HouseHeld on Calendar Order of Second Reading - Short Debate 5/27/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/27/2019HouseThird Reading - Short Debate - Passed 111-005-000 5/27/2019SenatePassed Both Houses 6/25/2019SenateSent to the Governor 8/16/2019SenateGovernor Approved 8/16/2019SenateEffective Date August 16, 2019 8/16/2019SenatePublic Act . . . . . . . . . 101-0396