IL HB3062

Amends the Landlord and Tenant Act to require landlords to make a good faith effort to timely disclose in writing to current tenants significant changes affecting the property, including foreclosure actions, changes in ownership or control, property sales, or management changes.

Requires landlords to provide specific information about foreclosure actions in the notice, including the case name, case number, and court where the action is pending, and inform tenants they may terminate their lease without penalty upon 90 days' written notice.

Allows tenants to terminate their lease without penalty by providing 90 days' written notice if the property is subject to a foreclosure action.

Requires landlords to make a good faith effort to timely disclose to prospective tenants considering a lease that the property is subject to foreclosure, will experience a change in control or management, or is for sale or has been sold.