Chapter 765, PROPERTY

(765 ILCS 77/55) Sec. 55. Violations and damages. If the seller fails or refuses to provide the disclosure report prior to the conveyance of the residential real property, the prospective buyer shall have the right to terminate the contract. A seller who knowingly violates or fai…

(765 ILCS 77/60) Sec. 60. No action for violation of this Act may be commenced later than one year from the earlier of the date of possession, date of occupancy, or date of recording of an instrument of conveyance of the residential real property. (Source: P.A. 88-111.)

(765 ILCS 77/65) Sec. 65. A copy of Sections 5 through 65 of Article 2 of this Act, excluding Section 35, must be printed on or as a part of the Residential Real Property Disclosure Report form. (Source: P.A. 102-765, eff. 5-13-22.)

(765 ILCS 1026/15-301) Sec. 15-301. Address of apparent owner to establish priority. In this Article, the following rules apply: (1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner which identifies th…

(765 ILCS 1026/15-302) Sec. 15-302. Address of apparent owner in this State. The administrator may take custody of property that is presumed abandoned, whether located in this State, another state, or a foreign country if: (1) the last-known address of the apparent owner in the r…

(765 ILCS 1026/15-303) Sec. 15-303. If records show multiple addresses of apparent owner. (a) Except as in subsection (b), if records of a holder reflect multiple addresses for an apparent owner and this State is the state of the most recently recorded address, this State may tak…

(765 ILCS 1026/15-304) Sec. 15-304. Holder domiciled in this State. (a) Except as in subsection (b) or Section 15-302 or 15-303, the administrator may take custody of property presumed abandoned, whether located in this State, another state, or a foreign country, if the holder is…

(765 ILCS 1026/15-305) Sec. 15-305. Custody if transaction took place in this State. Except as in Section 15-302, 15-303, or 15-304, the administrator may take custody of property presumed abandoned whether located in this State or another state if: (1) the transaction out of whi…

(765 ILCS 1026/15-306) Sec. 15-306. Traveler's check, money order, or similar instrument. The administrator may take custody of sums payable on a traveler's check, money order, or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. Sections 2501 throug…

(765 ILCS 1026/15-307) Sec. 15-307. Burden of proof to establish administrator's right to custody. Subject to Article 4 and Section 15-1005, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning such property, the administrator ha…

(765 ILCS 77/70) Sec. 70. Predatory lending database program. (a) As used in this Article: "Adjustable rate mortgage" or "ARM" means a closed-end mortgage transaction that allows adjustments of the loan interest rate during the first 3 years of the loan term. "Borrower" means a p…

(765 ILCS 77/72) Sec. 72. Originator; required information. As part of the predatory lending database program, the broker or originator must submit all of the following information for inclusion in the predatory lending database for each loan for which the originator takes an app…

(765 ILCS 77/73) Sec. 73. Standards for counseling. A borrower or borrowers subject to this Article shall be recommended for counseling if, after reviewing the information in the predatory lending database submitted under Section 72, the Department finds the borrower or borrowers…

(765 ILCS 77/74) Sec. 74. Counselor; required information. As part of the predatory lending database program, a counselor must submit all of the following information for inclusion in the predatory lending database: (1) The information called for in items (1), (6), (9), (11), (12…

(765 ILCS 77/76) Sec. 76. Title insurance company or closing agent; required information. As part of the predatory lending database program, a title insurance company or closing agent must submit all of the following information for inclusion in the predatory lending database: (1…

(765 ILCS 77/78) Sec. 78. Exemption. Borrowers applying for reverse mortgage financing of residential real estate including under programs regulated by the Federal Housing Administration (FHA) that require HUD-approved counseling are exempt from the program and may submit a HUD c…

(765 ILCS 1026/15-401) Sec. 15-401. Report required by holder. (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format app…

(765 ILCS 1026/15-402) Sec. 15-402. Content of report. (a) The report required under Section 15-401 must: (1) be signed by or on behalf of the holder and verified as to its completeness and accuracy; (2) if filed electronically, be in a secure format approved by the administrator…

(765 ILCS 1026/15-403) Sec. 15-403. When report to be filed. (a) Except as otherwise provided in subsection (b) and subject to subsection (c), the report under Section 15-401 must be filed before November 1 of each year and cover the 12 months preceding July 1 of that year. Busin…

(765 ILCS 1026/15-404) Sec. 15-404. Retention of records by holder. A holder required to file a report under Section 15-401 shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter pe…

(765 ILCS 1026/15-405) Sec. 15-405. Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this Act even if the owner fails to make demand or present an instrument or document otherwise required to obtain paymen…

(765 ILCS 1026/15-406) Sec. 15-406. Presumptively abandoned property held in trust. A holder who holds property presumed abandoned under this Act holds the property in trust for the benefit of the administrator on behalf of the owner from and after the date the property is presum…

(765 ILCS 77/99) Sec. 99. This Act takes effect on October 1, 1994. (Source: P.A. 88-111.)

(765 ILCS 1026/15-501) Sec. 15-501. Notice to apparent owner by holder. (a) Subject to subsections (b) and (c), the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Section 15-502 in a format accept…

(765 ILCS 1026/15-502) Sec. 15-502. Contents of notice by holder. (a) Notice under Section 15-501 must contain a heading that reads substantially as follows: "Notice. The State of Illinois requires us to notify you that your property may be transferred to the custody of the State…

(765 ILCS 1026/15-503) Sec. 15-503. Notice by administrator. (a) The administrator shall give notice to an apparent owner that property presumed abandoned and appears to be owned by the apparent owner is held by the administrator under this Act. (b) In providing notice under subs…

(765 ILCS 1026/15-504) Sec. 15-504. Cooperation among State officers and agencies to locate apparent owner. (a) Unless prohibited by law of this State other than this Act, on request of the administrator, each officer, agency, board, commission, division, and department of this S…

(765 ILCS 170/5-1) Sec. 5-1. Short title. This Act may be cited as the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act. All references in this Article to "this Act" mean this Article. (Source: P.A. 98-749, eff. 7-16-14.)

(765 ILCS 170/5-10) Sec. 5-10. Act not mandatory; record notice. The owner of a manufactured home that is personal property or a fixture may, but need not, cause that manufactured home to be deemed to be real property by satisfying the requirements of Section 5-30 of this Act and…

(765 ILCS 170/5-15) Sec. 5-15. Affidavit of affixation. (a) An affidavit of affixation shall contain or be accompanied by: (1) the name of the manufacturer, the make, the model name, the model year, the dimensions, and the manufacturer's serial number or numbers of the manufactur…

(765 ILCS 170/5-2) Sec. 5-2. Findings and purpose. (a) The General Assembly finds that there is a need to clarify the legal status of manufactured homes affixed or to be affixed to real property in the State. (b) The purpose of this Act is to establish a clear statutory procedure…

(765 ILCS 170/5-20) Sec. 5-20. Disposition of liens. Neither the act of affixing a manufactured home to a permanent foundation nor the recording of the affidavit of affixation shall impair the rights of any holder of a security interest in or lien on a manufactured home perfected…

(765 ILCS 170/5-25) Sec. 5-25. Notice to Secretary of State. Upon payment of the fees provided by law and recordation of the affidavit of affixation, the recording officer shall endorse the affidavit as "recorded in land records", setting forth thereon the indexing information fo…

(765 ILCS 170/5-30) Sec. 5-30. Effect of recorded affidavit of affixation. A manufactured home shall be deemed to be real property when all of the following events have occurred: (1) the manufactured home is affixed to a permanent foundation as provided in Section 5-5 of this Act…

(765 ILCS 170/5-35) Sec. 5-35. Conveyance and encumbrance as real property. Upon the satisfaction of the requirements of Section 5-30 of this Act and the requirements of Section 3-116.1 or 3-116.2 of the Illinois Vehicle Code, as applicable, such manufactured home shall be deemed…

(765 ILCS 170/5-40) Sec. 5-40. Exclusive procedure. The method of converting a manufactured home to real property set forth in Section 5-10 of this Act shall be exclusive, and shall supplant the common law of fixtures as it relates to manufactured homes. (Source: P.A. 98-749, eff…

(765 ILCS 170/5-45) Sec. 5-45. Applicability. Nothing in this Act shall impair any rights existing under law prior to the effective date of this Act of anyone claiming an interest in the manufactured home. (Source: P.A. 98-749, eff. 7-16-14.)

(765 ILCS 170/5-5) Sec. 5-5. Manufactured home; permanently affixed to real property. For the purposes of this Act, "manufactured home" means a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code. Notwithstanding the foregoing, for the…

(765 ILCS 170/5-50) Sec. 5-50. Affidavit of severance. (a) If and when a manufactured home for which an affidavit of affixation has been recorded is detached or severed from the real property to which it is affixed, the person (all, if more than one) having an interest in the rea…

(765 ILCS 170/5-55) Sec. 5-55. Documents in trust. (a) Manufacturer's Statement of Origin. The holder of a Manufacturer's Statement of Origin to a manufactured home may deliver it to any person to facilitate conveying or encumbering the home. Any person receiving a Manufacturer's…

(765 ILCS 1026/15-601) Sec. 15-601. Definition of good faith. In this Article, payment or delivery of property is made in good faith if a holder: (1) had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or del…

(765 ILCS 1026/15-602) Sec. 15-602. Dormancy charge; escheat fee. (a) A holder may deduct a dormancy charge or an escheat fee from property required to be paid or delivered to the administrator if: (1) a valid contract between the holder and the apparent owner authorizes impositi…

(765 ILCS 1026/15-603) Sec. 15-603. Payment or delivery of property to administrator. (a) Except as otherwise provided in this Section, on filing a report under Section 15-401, the holder shall pay or deliver to the administrator the property described in the report. (b) If prope…

(765 ILCS 1026/15-604) Sec. 15-604. Effect of payment or delivery of property to administrator. (a) On payment or delivery of property to the administrator under this Act, the administrator as agent for the State assumes custody and responsibility for safekeeping the property. A …

(765 ILCS 1026/15-605) Sec. 15-605. Recovery of property by holder from administrator. (a) A holder that under this Act pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder: (1) paid the money in error; or (2) …

(765 ILCS 1026/15-606) Sec. 15-606. Property removed from safe-deposit box. Property removed from a safe-deposit box and delivered under this Act to the administrator under this Act is subject to the holder's right to reimbursement for the cost of opening the box and a lien or co…

(765 ILCS 1026/15-607) Sec. 15-607. Crediting income or gain to owner's account. (a) If property other than money is delivered to the administrator, the owner is entitled to receive from the administrator income or gain realized or accrued on the property before the property is s…

(765 ILCS 1026/15-608) Sec. 15-608. Administrator's options as to custody. (a) The administrator may decline to take custody of property reported under Section 15-401 if the administrator determines that: (1) the property has a value less than the estimated expenses of notice and…

(765 ILCS 1026/15-609) Sec. 15-609. Disposition of property having no substantial value; immunity from liability. (a) If the administrator takes custody of property delivered under this Act and later determines that the property has no substantial commercial value or that the cos…

(765 ILCS 1026/15-610) Sec. 15-610. Periods of limitation and repose. (a) Expiration, before, on, or after the effective date of this Act, of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, does no…