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IL HB3569
Bill
Status
2/7/2025
Primary Sponsor
Jaime Andrade
Click for details
AI Summary
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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
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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
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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
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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
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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