Allows a judge, sheriff, or other person to conduct a judicial foreclosure sale online.
Person conducting the sale may charge an additional fee for expenses of sale online.
Allows the person conducting the sale to engage a third party online sale provider.
Person conducting sale online to obtain court approval and demonstrate marketing, adequate recordkeeping, expertise in online real estate auctions, and data security.
Purchaser must provide sale deposit and balance due at least 24 hours after sale ends.
If the sale takes place online and in person, all bids are to be simultaneously announced at the in-person sale and visible to public online at time bids are placed.
Prohibits a fee from being charged to view properties for sale online, participate in any auction in person or online, or to purchase property at an auction in person or online.
Persons bidding online to complete a registration form and identity verified beforehand
In every online sale of residential real estate the sale may be held open for bidding for up to 3 days and extended as needed with bidding open to everyone the entire time.
Legislative History
On Jan. 26, 2024, bill introduced in Senate; on Apr. 10, 2024, bill passed in Senate.
On Apr. 11, 2024, bill introduced in House; on May 21, 2024, bill passed in House.
On May 24, 2024, Senate concurred with amendments, bill passed both chambers.
Effectiveness
If enacted, bill comes into effect on Jan. 1, 2025.
Aug. 2024 ILL LEG Governor Approval
On Aug. 9, 2024, ILL LEG governor approved SB 2919, assignedPublic Act 103-0930.
