On May 16, ILL LEG bill on mobile home park sale notice standards.
ILL LEG passed SB 2935 on selling notice requirements for mobile home park owners.
Provisions amended Mobile home landlord and tenant rights act (ILL LEG 765-745).
Bill Provisions
Required mobile home park owner to provide written notice to officers of homeowners' association if park is offered for sale; must include sale price, terms, and conditions.
Mobile home owners, through their association, have the right to purchase the park if the association meets the terms of the contract within 60 days of the notice.
If a contract has not been executed within 60-day period, park owner has no further obligations unless owner thereafter offers the park for sale at a materially lower price.
Defines materially lower price as 20% or more lower than the initial offer of sale.
Provided that the homeowners have 10 days to meet the terms of this lower offer.
If homeowners wish to exercise the rights under act, must form association that must be a corporation with the written consent of two-thirds of the mobile homeowners.
Legislative History
On Jan. 31, 2024, bill was introduced in Senate; on Apr. 10, 2024, bill passed Senate.
On Apr. 11, 2024, bill was introduced in House; on May 16, 2024, bill passed House.
Effectiveness
If enacted, bill becomes effective on Jan. 1, 2025.
Aug. 2024 ILL LEG Bill Approval
On Aug. 2, 2024, ILL LEG bill approved by governor and became Public Act 103-0766.
Regulators
ILL LEG
Entity Types
CNSM; Corp
Reference
Public Act 103-0766, 8/2/2024; Bill SB2935, 5/16/2024; Citation: ILL LEG 765-745;
