IL HB4703

Expands Section 8.5 of the Mobile Home Landlord and Tenant Rights Act to include sales, leases, and transfers of mobile home parks, requiring park owners to provide 12 months' notice to tenants for such transactions (previously only applied to park closures).

Creates new Section 8.7 granting tenants representing 25% or more of occupied owner-occupied units the right to purchase the mobile home park within 365 days of receiving notice of sale, lease, or transfer.

Allows tenants to match any bona fide third-party offer at 102% of that offer's price, or if no third-party offer exists, to purchase at a price established by mutual agreement or by appraisal (using a three-appraiser process if parties disagree).

Permits tenants to assign their purchase rights to the municipality, housing authority, state agency, or nonprofit organization to continue operating the property as a mobile home park.

Exempts family transfers, gifts, devises, partnership transfers, financing conveyances, individual lot leases, transfers between co-owners, and eminent domain sales from the tenant purchase requirements.