Illinois Amends Law Regarding the Abandoned Residential Property Municipality Relief Fund
By Robert Harrison, J.D.
The State of Illinois has amended its Code of Civil Procedure Section 15-1507.1. The amendment makes two changes; the repeal date of the section is changed from March 2, 2016 to March 2, 2017 and the inoperative date of Subsections 15-1507.1 (a) and (b) is changed from January 1, 2016 to January 1, 2017.
Illinois Code of Civil Procedure Section 15-1507 governs the judicial sale of foreclosed properties. Section 15-1507.1 requires the purchaser of residential real estate under Section 15-1507 to pay a fee for deposit into the Abandoned Residential Property Municipality Relief Fund. The fee is calculated as .1% of the purchase amount but can never exceed $300. No fee is required if the purchaser is the mortgagee pursuant to its credit bid at the judicial sale or if the purchaser had rights in and to the residential real estate prior to the judicial sale. Upon confirmation of the judicial sale the fee is remitted to the clerk of the court who disperses it accordingly; 98% to the State Treasurer for deposit into the Abandoned Residential Property Municipality Relief Fund and 2% retained for deposit into the Circuit Court Clerk Operation and Administrative Fund.
About the Author
Robert Harrison, J.D. is a Regulatory Compliance Consultant at Bankers Advisory. He is a graduate of Boston University and earned his Juris Doctor at the Boston University School of Law. Robert is admitted to the Bar in Massachusetts. He can be reached at robert.harrison@bankersadvisory.com
Comments are closed.