Commercial Banking, Collections, and Bankruptcy

(Silverstein, D-Chicago) creates a new fee on probating estates to fund the Guardianship and Advocacy Commission, a state agency. For example, opening an estate is a $150 fee, filing an account (except the final one) or a proof of claim is a $25 fee or higher if the claim is more than $500. This bill is in Senate Judiciary Committee. An identical bill is House Bill 4985 (Feigenholtz, D-Chicago), which is on second reading in the House. Senate Bill 2894 is in Senate Judiciary Committee.

(Sandack, R-Lombard) creates an exemption to include trusts that name as the primary beneficiary the spouse of the insured or the child, parent, or other person who is dependent on the insured. Scheduled for hearing this Tuesday in Senate Judiciary Committee.

(Golar, D-Chicago) voids consumer adhesion contracts as a matter of public policy and creates a private right of action for consumers whose rights are violated. Authorizes recovery of actual and statutory damages in addition to attorney's fees and costs. Scheduled for hearing next Wednesday in House Judiciary Committee I.

(McAsey, D-Lockport) requires that a contract to build a home must contain a provision requiring that a “radon mitigation system” be included in the construction. "Radon mitigation system" means components and measures designed to permanently reduce or eliminate indoor radon concentrations according to procedures described in 32 Illinois Administrative code Part 422. Scheduled for hearing next Wednesday in House Judiciary Committee I.

(Thapedi, D-Chicago) creates a new section in the Consumer Installment Loan Act to apply to “lawsuit lending” in which a lawsuit lender loans money to a party to a civil action. It does four things. (1) Requires the court to award to the prevailing party all of its costs, expenses, and attorney’s fees to be assessed against the losing party. (2) Requires the lawsuit lender to post with the clerk of the court a bond in the face amount of 25% of the amount of damages claimed by any such party. (3) Makes all documents that the lawsuit lender obtained from the party to be produced to the opposing party without a discovery request. (4) Amends the Consumer Fraud and Deceptive Business Practices Act to cover lawsuit lenders for repeated violations and advertisements. Just introduced and referred to the House Rules Committee for assignment to a substantive committee.

House Bill 3940 (Jakobsson, D-Champaign) amends the General Not For Profit Corporation Act of 1986 to prohibit an officer or director of a corporation organized under this Act from knowingly hiring or seeking to influence the employment or promotion of a relative for a compensated position within the corporation if the corporation receives any state funds. “Relative” is defined broadly to include anybody that an officer or director is related to. Scheduled for hearing next Feb. 22 in House Judiciary Committee I.

(Althoff, R-Crystal Lake) changes the provisions concerning the effect of recording deeds, mortgages, and other instruments. Provides that those provisions also apply to the recording of assignments, mortgage releases, mortgage modifications, land equity loans, liens, lis pendens, memoranda of judgment, and other instruments in writing that affect interests in real property. Provides that these deeds and title papers are void until recorded (instead of void until recorded as to creditors and subsequent purchasers). Introduced and assigned to the Senate Assignment Committee for referral to a substantive committee.

(Biss, D-Skokie) allows a court to award reasonable attorney's fees to the defendant if the defendant prevails in an action to enforce a contract if the contract allows for the recovery of attorney's fees to enforce the contract. Introduced and assigned to House Rules Committee for referral to a substantive committee.

(Rezin, R-Peru) creates an exception to the statute of repose for attorney malpractice that currently limits actions to no later than six years after the date on which the attorney's act or omission occurred. The exception is if the client is still represented by the attorney or the attorney knowingly conceals the act or omission. If that occurs, the limitation does begin to run until the person is no longer represented by the attorney or until the client should have known of the injury. Just introduced and referred to the Committee on Assignments for assignment to a substantive committee.