Legislative Update - Bills Signed

Wednesday, June 17, 2020 12:02 PM | Anne Hengehold (Administrator)

As a follow up to our last report on the General Assembly’s recent Special Session, Governor Pritzker signed SB 2135 on Friday. SB 2135 becomes Public Act 101-640 with the signing.

This new law will allow for remote notarizations until 30 days after the expiration of the Governor’s most recent disaster declaration. Governor Pritzker’s current declaration is set to expire on June 27. Remote notarization will expire on July 27 if there are no more disaster declarations issued by Governor Pritzker.

SB 264 was signed on Wednesday. SB 264 becomes Public Act 101-637. The Act provides $396 million in residential housing relief funding through the Illinois Housing Development Authority. The funding will come in the form of grants and be available for emergency rental and mortgage assistance, as well as subordinate financing. There will be $296 million available to those generally impacted by the Covid-19 crisis and an additional $100 million available to those impacted by Covid-19 and in disproportionately impacted areas.

This grant funding was an alternative to SB 3066 which sought to address rent and mortgage payment moratoriums, rent control, and eviction reforms for certain periods of time during and after the Covid-19 crisis. This legislation is on hold until the upcoming Veto Session.

The General Assembly will meet again during its annual Veto Session on November 17-19 and December 1-3.

There has been no recent activity on ILTA’s market reform legislation.

© 2020 by the Illinois Real Estate Lawyers Association. All rights reserved.

Powered by Wild Apricot Membership Software