(Mulroe, D-Chicago; Martwick, D-Chicago) allows a board of managers to assign the right of the association to future income from common expenses or other sources and to mortgage or pledge substantially all of the remaining assets of the association by a majority vote of the entire board. Passed both chambers.
(Mulroe, D-Chicago; Martwick, D-Chicago) provides that any assignment of a developer’s interest in the property is not effective until the successor obtains the assignment in writing and records it. Passed both chambers.
(Haine, D-Alton; Martwick, D-Chicago) allows a board to close any portion of a noticed meeting or meet separately from a noticed meeting to do the following: (1) “Discuss” instead of “consider” appointment, employment, engagement, or dismissal of an employee, independent contractor, agent, or other provider of goods and services. (2) Interview a potential employee, independent contractor, agent, or other provider of goods and services. (3) Consult with the association’s legal counsel. Passed both chambers.
Plaintiff bank obtained judgment of foreclosure on property, and Bank purchased property at sheriff's sale. Court approved sale and entered deficiency judgment, and 4 months later Bank sold property for amount greater than purchase price at sheriff's sale. Bank then initiated enforcement proceedings against Defendants, seeking full deficiency judgment. When a mortgagee obtains a deficiency judgment against mortgagor in foreclosure action, purchases property at judicial sale, and then resells it to a third party for amount in excess of price paid at judicial sale, mortgagor is not entitled to setoff in enforcement proceedings to recover deficiency judgment, because foreclosure terminates mortgagor-mortgagee relationship. (HUDSON, concurring; SCHOSTOK, dissenting.)
(Mulroe, D-Chicago; Martwick, D-Chicago) deletes the ability of condominium instruments to supersede a majority vote of the entire board of managers to do the following: assign the right of the association to future income from common expenses or other sources and to mortgage or pledge substantially all of the remaining assets of the association. Passed both chambers.
(Mulroe, D-Chicago; Martwick, D-Chicago) provides that any assignment of a developer’s interest in the property is not effective until the successor obtains the assignment in writing and records it. Passed both chambers.
Court properly approved sale of residential property in judicial foreclosure action. Defendants argued that Illinois mortgage foreclosure procedures violate due process as Foreclosure Law allows foreclosure to proceed without original documentary evidence. Supreme Court Rule 113 provides that a copy of the note, as it currently exists, including all indorsements, must be attached to mortgage foreclosure complaint at time of filing. Rule 113(b) does not require Plaintiff to provide the original note, but expressly states a copy of the note is to be attached. Thus, Rule 113(b) is consistent with Section 15-1506 of Foreclosure Law which does not expressly require original loan documents be presented, but requires copies to be filed.(LAMPKIN, concurring; GORDON, dissenting.)
(Nekritz, D-Buffalo Grove; Steans, D-Chicago) makes a number of changes to this Act. (1) Exempts from FOIA any information collected by the Department of Financial and Professional Regulation. This exemption does not extend to educational, training, and outreach material, statistical data, or operational information maintained by the Department in administering the Act. (2) Clarifies that neither the Ombudsperson nor the Department has the authority to consider matters that may constitute unlawful discrimination under local, State, or federal law. (3) Makes numerous technical changes including deleting the registration requirement by an entity. (4) Pushes back the repeal date of the entire Act by one year to July 1, 2022. Passed both chambers.
(Althoff, R-Crystal Lake; Tryon, R-Crystal Lake) requires a copy of a lis pendens for a residential mortgage foreclosure in the program area to be filed electronically with the Department of Financial and Professional Regulation after July 1, 2016. Passed both chambers.
(Althoff, R-McHenry; Nekritz, D-Buffalo Grove) extends the sunset for current law until December 31, 2020. It requires work to be done or materials furnished to obtain a lien within three years for residential property and five years for any other kind of property. Passed both chambers.