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IL SB3437
Bill
AI Summary
- Amends the Residential Real Property Disclosure Act by adding Section 36 regarding manufactured home financing disclosures
- Requires lenders and lending company agents to disclose any affiliation between the landlord and the lending company when offering mortgage terms for manufactured home purchases
- Mandates disclosure that the loan is a chattel loan and that chattel loan terms prohibit refinancing
- Requires lenders to disclose any other reasons that prohibit refinancing on the manufactured home loan
Legislative Description
MANUFACTURED HOMES-REFINANCING
Last Action
Session Sine Die
1/13/2021
Committee Referrals
Assignments4/12/2020
Judiciary2/25/2020
Assignments2/14/2020
Full Bill Text
No bill text available