Commercial Banking, Collections, and Bankruptcy

(Thapedi, D-Chicago) creates the Non-Recourse Civil Litigation Funding Act. Requires that all contracts for non-recourse civil litigation funding must meet specified criteria. The contract must allow the consumer to cancel the contract within five business days after the consumer receives the funds without penalty or further obligation. Specifies the notice requirements for contracts and sets requirements for fee calculations. Prohibits unregistered companies from doing these transactions with consumers. Requires the Department of Financial and Professional Regulation to consider certain criteria while making decisions regarding registration. The Department is to make and enforce reasonable rules and regulations as may be necessary to carry out the provisions of the Act. Just introduced.

(Collins, D-Chicago) make a number of changes to the mortgage foreclosure article intending to better protect consumers. It also amends the Conveyances Act affecting the recording of deeds, mortgages, and other instruments. Amends the Conveyances Act. (1) Provides that those provisions also apply to the recording of assignments, mortgage releases, mortgage modifications, land equity loans, liens, lis pendens, and memoranda of judgment. (2) Changes the scope to instruments that affect interests in real property. (3) Provides that deeds and title papers are void until recorded (instead of void until recorded as to creditors and subsequent purchasers) with the recorder's office in the county in which the property is located. Just introduced.

(Riley, D-Chicago) authorizes county boards to require the clerk of the circuit court to charge and collect a court automation fee of up to $25 (instead of $15) and a court document fee of up to $25 (instead of $15). Just introduced.

(Collins, D-Chicago) does four things in the mortgage foreclosure article. (1) Allows the landlord terminate a tenancy established before the confirmation of sale only (a) at the end of the term of the lease agreement by written notice issued not earlier than 90 days before the end of the term of the lease; or (b) in the case of a month-to-month or week-to-week tenancy, by 90 days' written notice. (2) Entry of a judgment of foreclosure does not terminate or otherwise affect the rights or interest of any occupant of a dwelling unit who has a lease or tenancy resulting from an arm's-length transaction and who is not the mortgagor, whether or not the occupant has been made a party in the foreclosure. (3) The holder of the certificate of sale, the holder of the deed issued under that certificate, or if no certificate or deed was issued, the purchaser at the sale shall: (a) assume the lease or tenancy of the mortgaged real estate resulting from an arm's length transaction entered into before the confirmation of sale; (b) assume any federal, state, or local housing subsidy contract for the dwelling unit for the duration of the contract or the assumed lease, whichever is shorter; (c) assume his or her interest in the mortgaged real estate subject to the rights of any occupant; and (d) not terminate the occupancy or any occupant's tenancy except as otherwise provided in the Code. (4) Requires the purchaser who offers money or other valuable consideration to an occupant of a dwelling unit as an incentive to vacate the premises to tender the offer in accordance with specified conditions. Just introduced.

(Delgado, D-Chicago) authorizes the Department of Labor to establish administrative procedures to adjudicate claims of any amount. The current cap limiting the Department's authority to claims of $3,000 or less is repealed. Just introduced.

(Thapedi, D-Chicago) requires that the court use the “Laffey Matrix” prepared by the U.S. Department of Justice in awarding attorney’s fees to the prevailing party under the Consumer Fraud and Deceptive Business Practices Act. Excludes cases in which the hourly rate for attorney’s fees is limited by statute. Just introduced.