IL SB1602

Establishes a new Section 9-207.5 requiring post-foreclosure landlords to provide 90 days' written notice to terminate tenancies established before the foreclosure sale confirmation, except landlords occupying the unit as primary residence may use normal termination procedures under Sections 9-205 and 9-207.

Mandates court sealing of foreclosure-related court files when tenants have lawful possession rights, protecting occupants entitled to notice under subsection (h)(5) of Section 15-1701 from public disclosure of their eviction records.

Requires foreclosure purchasers and mortgagees in possession to notify occupants within 21 days of taking control, informing them the property is foreclosed and providing contact information for maintenance requests and rent payment instructions.

Prohibits foreclosure purchasers from terminating leases or tenancies of occupants with arm's-length agreements predating the sale confirmation, and requires them to assume existing leases and federal housing subsidies for those occupants.

Adds occupant protections including 120-day minimum possession periods for current tenants, restrictions on "cash-for-keys" settlement offers, and court-ordered sealing of eviction records for foreclosed properties.