IL HB1588

Reduces the Rental Housing Support Program State surcharge collected by county recorders from $10 to $9 per real estate-related document recorded, effective for documents recorded after the bill's enactment.

Eliminates the previous provision allowing counties to retain $1 of each surcharge in their general revenue fund; all $9 of the surcharge is now submitted to the Department of Revenue for the Rental Housing Support Program Fund.

Adds a new $1 per document fee for recording any document affecting real property interests (excluding easements for utilities and public services), with 50 cents deposited to the County General Revenue Fund and 50 cents to the Recorder's Automation Fund or Document Storage System Fund, not to offset other county recorder funding.

Applies the fee changes to both counties of all classes and third class counties under Sections 3-5018 and 4-12002 of the Counties Code.

Expands the legislative findings of the Rental Housing Support Program Act to include additional benefits such as stabilizing real estate values, subsidizing rental payments for tenants, and providing foreclosure alternatives for property owners.