Loading chat...

IL HB3569

Bill

Status

Introduced

2/7/2025

Primary Sponsor

Jaime Andrade

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Allows property owners with an interest in property at the time a tax deed petition is filed to request an "excess proceeds sale" - a public auction of the tax certificate where any sale proceeds above the amount owed to the tax purchaser would be available to the former owner

  • Establishes detailed notice requirements for excess proceeds sales, including newspaper publication for 3 consecutive weeks and mailed notice to all interested parties named in the tax deed proceeding

  • Creates multiple new indemnity fund fees: $300 fee in counties with 3+ million inhabitants ($100 in smaller counties) when a tax deed is issued; $200 surcharge for recording tax deeds; 10% fee on subsequent tax payments after redemption expires; 2.5% charge on conveyances from tax deed grantees to bona fide purchasers

  • Specifies that owners who request and receive an excess proceeds sale forfeit their right to indemnification claims under Section 21-305, regardless of whether any surplus funds result from the sale

  • Establishes procedures for distributing surplus proceeds through the circuit court, with funds held until claimed by court order or forfeited to the State if unclaimed

Legislative Description

PROP TX-INDEMNITY

Last Action

Added Co-Sponsor Rep. Laura Faver Dias

3/25/2025

Committee Referrals

Rules3/21/2025
Income Tax3/13/2025
Revenue & Finance3/11/2025
Rules2/18/2025

Full Bill Text

No bill text available