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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1779 Introduced 2/26/2021, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
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Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that a lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, shall disclose: (1) any affiliation between the landlord and the lending company; (2) that the loan is a chattel loan; (3) that the terms of a chattel loan prohibit refinancing; and (4) any other reason that prohibits refinancing. Provides that a violation constitutes an unlawful practice within the meaning of the Act.
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| | A BILL FOR |
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| | SB1779 | | LRB102 14620 JLS 19973 b |
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| 1 | | AN ACT concerning business.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Consumer Fraud and Deceptive Business |
| 5 | | Practices Act is amended by adding Section 2WWW as follows:
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| 6 | | (815 ILCS 505/2WWW new) |
| 7 | | Sec. 2WWW. Disclosure requirements for manufactured homes. |
| 8 | | (a) A lender, or agent of a lending company, when offering |
| 9 | | terms for a mortgage note for the purchase of a manufactured |
| 10 | | home, shall disclose: |
| 11 | | (1) any affiliation between the landlord and the |
| 12 | | lending company; |
| 13 | | (2) that the loan is a chattel loan; |
| 14 | | (3) that the terms of a chattel loan prohibit |
| 15 | | refinancing; and |
| 16 | | (4) any other reason that prohibits refinancing. |
| 17 | | (b) A violation of this Section constitutes an unlawful |
| 18 | | practice within the meaning of this Act.
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