Commercial Banking, Collections, and Bankruptcy

(Welch, D-Westchester; Harmon, D-Oak Park) provides that if the property is an interest in real property, a bona fide purchaser or mortgagee for value shall take the subject property free and clear of the action challenging the transfer instrument if the transfer to the bona fide purchaser or mortgagee for value occurs before the recordation of a lis pendens for an action challenging the transfer. Sets forth conditions under which a financial institution or similar entity is not liable for distributing or releasing property the transfer is challenged. Passed both chambers. 
 

(Unes, R-Pekin; Koehler, D-Peoria) provides that if a service member who has entered into a residential leases covered by this Act is killed in action or while on active duty, then the immediate family or dependents of the service member may terminate the lease. Passed both chambers. 

(Ford, D-Chicago; Castro, D-Elgin) create a three-year pilot program that allows the recorder of deeds to establish an administrative law process to adjudicate expired mechanic’s liens that have been recorded but not litigated or released under the Mechanics Lien Act. Passed both chambers. 

(Halpin, D-Rock Island; Raoul, D-Chicago) provides that if a written lease specifies costs, they must be for damage beyond normal wear and tear and reasonable to restore the leased premises to the same condition at the time the lease began. Passed both chambers. 

(Harmon, D-Oak Park; Feigenholtz, D-Chicago) includes registered interior designers under this Act. Passed both chambers.

(Tracy, R-Quincy; Keith Wheeler, R-North Aurora) creates authorization for and requirements to follow using email as a method of service under this Act. Passed both chambers. 

(Mulroe, D-Chicago; Arroyo, D-Chicago) authorizes a retainage of 10% of the payment may be withheld from a payment under a construction contract before the completion of 50% of the contract. After 50% of the contract is completed, the amount of retainage for any later payment may not exceed 5%. Passed both chambers. 

(Breen, R-Lombard; Curran, R-Woodridge) amends the Counties Code, the Municipal Code, and the Township Code affecting provisions regarding building or structure zoning violations. Prohibits any suit against a unit of government or its officials for any act relating to zoning administration, enforcement, or implementation or any ordinance, resolution, or other zoning regulation. Makes an exception for property owned by the unit of government. Passed both chambers. 

(Mulroe, D-Chicago; Welch, D-Westchester) deletes language requiring that a conveyance of real property to a trust include evidence of acceptance by the trustee and deletes language providing that if the transferor is a trustee of the trust, an interest in real property does not become trust property unless the instrument of conveyance is recorded in the office of the recorder of the county in which the property is located. Passed both chambers. 

(Mulroe, D-Chicago; Martwick, D-Chicago) amends the Code of Civil Procedure to provide that the court’s jurisdiction is not affected by a technical error in format of a summons if the summons has been issued by a clerk of the court, the person or entity to be served is identified as a defendant on the summons, and the summons is properly served. If a petition is filed to reopen a foreclosure proceeding, the purchaser or successor purchaser of real property who was not a party to the mortgage foreclosure action is entitled to remain in possession of the property  until the foreclosure action is defeated or the previously foreclosed defendant redeems from the foreclosure sale if the purchaser has been in possession of the property for more than six months. Actions for the recovery of real property following a foreclosure must be brought within two years after possession is taken. Every person in the actual possession of lands or tenements as a purchaser following a foreclosure is adjudged to be the legal owner of the lands or tenements if for two successive years continues in possession and pays all taxes legally during that time.

Amends the Mortgage Rescue Fraud Act to provide that it is a violation for a distressed property consultant to, among other things, enter into, enforce, or act upon any agreement with a foreclosure defendant, whether the foreclosure is completed or otherwise, if the agreement provides for a division of proceeds between the foreclosure defendant and the distressed property consultant derived from litigation related to the foreclosure. 

Passed both chambers.