Michael G. Connelly, the Illinois State Representative for the 48th District, recently sent a note to local Realtors notifying them about specific legislation that was recently passed by the Illinois General Assembly.
Discussing one billl in particular, Senate Bill 3739, Rep. Connelly writes "(Senate Bill 3739) extends the sunset date of the Homeowner Protection Act to July 1, 2013; this law gives consumers who fall behind on their mortgage payments a 90-day 'grace period' during which the lender cannot begin foreclosure."
This Bill was signed into law on Tuesday, August 3rd, by Illinois Governor Pat Quinn.
“In these tough economic times, we must work to increase affordable housing for Illinois families and create more construction jobs,” said Governor Quinn. “We also must do what we can to make sure our state’s residents have the resources they need to weather this national financial crisis and keep their homes.” (quote courtesy of thegovmonitor.com)
Information on Senate Bill 3739 can be found here and information on 48th District State Representative (of which Naperville is included) can be found here.
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