HOME EQUITY-FORECLOSE-EFF DATE House SponsorsRep. Michael J. Madigan-Karen A. Yarbrough-Deborah L. Graham-Elga L. Jefferies-Annazette Collins, Mary E. Flowers, LaShawn K. Ford, Mike Boland, Ed Sullivan, Jr., William B. Black, Milton Patterson, William Davis and Richard T. Bradley Senate Sponsors(Sen. Jacqueline Y. Collins-Dan Kotowski) 1/13/2009HouseSession Sine Die P.A. 95-691, Sec. 999 new Amends Public Act 95-691 (concerning home equity assurance and foreclosure prevention) to provide that it takes effect upon the effective date of this amendatory Act. This amendatory Act is effective immediately.House Amendment No. 1 Adds reference to:15 ILCS 520/7from Ch. 130, par. 26Amends the Deposit of State Moneys Act. Authorizes the State Treasurer to accept a proposal from an eligible institution that provides for interest earnings on deposits of State moneys to be held by the institution in a separate account that the State Treasurer may use to secure up to 10% of any existing home loans of Illinois citizens who are at risk of losing their homes if they experience a financial hardship (now, who have failed to make payments on a home loan as a result of a financial hardship) due to circumstances beyond their control where there is a reasonable prospect that they will be able to resume or continue full mortgage payments. In the definition of "home loan", provides that the principal amount of the loan may not exceed 50% of the conforming loan size limit (now, 50% of the conforming loan size limit for a single-family dwelling), as established from time to time by the Federal National Mortgage Association. Effective immediately. 11/30/2007HouseFiled with the Clerk by Rep. Michael J. Madigan 11/30/2007HouseFirst Reading 11/30/2007HouseReferred to Rules Committee 12/4/2007HouseFinal Action Deadline Extended-9(b) January 10, 2008 12/4/2007HouseAssigned to Executive Committee 12/11/2007HouseAdded Chief Co-Sponsor Rep. Karen A. Yarbrough 1/9/2008HouseAdded Co-Sponsor Rep. Mary E. Flowers 1/9/2008HouseHouse Amendment No. 1 Filed with Clerk by Executive Committee 1/9/2008HouseHouse Amendment No. 1 Adopted in Executive Committee; by Voice Vote 1/9/2008HouseDo Pass as Amended / Short Debate Executive Committee; 012-000-000 1/9/2008HousePlaced on Calendar 2nd Reading - Short Debate 1/9/2008HouseSecond Reading - Short Debate 1/9/2008HousePlaced on Calendar Order of 3rd Reading - Short Debate 1/10/2008HouseAdded Chief Co-Sponsor Rep. Deborah L. Graham 1/10/2008HouseAdded Chief Co-Sponsor Rep. Elga L. Jefferies 1/10/2008HouseAdded Chief Co-Sponsor Rep. Annazette Collins 1/10/2008HouseAdded Co-Sponsor Rep. LaShawn K. Ford 1/10/2008HouseAdded Co-Sponsor Rep. Mike Boland 1/10/2008HouseAdded Co-Sponsor Rep. Ed Sullivan, Jr. 1/10/2008HouseAdded Co-Sponsor Rep. William B. Black 1/10/2008HouseAdded Co-Sponsor Rep. Milton Patterson 1/10/2008HouseAdded Co-Sponsor Rep. William Davis 1/10/2008HouseAdded Co-Sponsor Rep. Richard T. Bradley 1/10/2008HouseThird Reading - Short Debate - Passed 111-002-002 2/14/2008SenateArrive in Senate 2/14/2008SenatePlaced on Calendar Order of First Reading February 20, 2008 2/14/2008SenateChief Senate Sponsor Sen. Jacqueline Y. Collins 2/20/2008SenateFirst Reading 2/20/2008SenateReferred to Rules 4/17/2008SenateAssigned to Financial Institutions 5/1/2008SenateDo Pass Financial Institutions; 005-000-000 5/1/2008SenatePlaced on Calendar Order of 2nd Reading May 7, 2008 5/1/2008SenateAdded as Alternate Chief Co-Sponsor Sen. Dan Kotowski 5/7/2008SenateSecond Reading 5/7/2008SenatePlaced on Calendar Order of 3rd Reading May 8, 2008 5/23/2008SenateRule 2-10 Third Reading Deadline Established As May 31, 2008 5/31/2008SenateRule 2-10 Third Reading Deadline Established As January 13, 2009 7/1/2008SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 1/13/2009HouseSession Sine Die