Illinois 93rd Regular Session Status: Passed Senate

SB 1063 — BUILDER PURCHASER DEPOSIT ACT

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 93rd Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Creates the Builder Purchaser Deposit Act. Requires builders, developers, or agents for builders or developers that receive earnest money, deposits, payments, or advances to hold that money in a separate interest bearing account until title to the property is conveyed to the purchaser. Provides that, within 10 days of receipt of the earnest money, deposit, payment, or advance, the builder shall provide the purchaser with the name and address of the financial institution where the money is held. Provides that violation of the Act is an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act, and amends that Act to so reflect.

Bill Text

What changed in the latest version

10 added · 10 removed

Plain-language change summary

The recent changes to Bill SB 1063 include the removal of specific phrases that described types of real estate developers involved in the construction and sale of residential properties. This adjustment might streamline the language of the bill, making it clearer and possibly more inclusive of various types of developers. Removing this detailed description could make it easier for a broader range of developers to understand and comply with the bill's requirements. Ultimately, this matters because clarity can lead to better implementation and cooperation from stakeholders in the housing market.

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093_SB1063 LRB093 10795 LCB 11222 b AN ACT concerning deposits.
SB1063 Engrossed LRB093 10795 LCB 11222 b AN ACT concerning deposits.
"Builder" means an individual or any other entity, including a domestic or foreign real estate developer engaged in the construction of a single family residence, townhouse, or a multi-family residence of no greater than 4 units for sale to a purchaser.
"Builder" means an individual or any other entity, including a domestic or foreign real estate developer, engaged in the construction of a single family residence, townhouse, or a multi-family residence of no greater than 4 units for sale to a purchaser.
-2- LRB093 10795 LCB 11222 b Section 15.
SB1063 Engrossed -2- LRB093 10795 LCB 11222 b Section 15.
The parties to the contract may opt out of the requirements of this Act in a writing, signed by the builder and the purchaser, provided -3- LRB093 10795 LCB 11222 b that the builder delivers to the purchaser an irrevocable letter of credit, issued by a financial institution that is guaranteed by the Federal Deposit Insurance Corporation, in the amount of the deposit money advanced to the builder by the purchaser.
The parties to the contract may opt out of the requirements of this Act in writing, signed by the builder and the purchaser, provided SB1063 Engrossed -3- LRB093 10795 LCB 11222 b that the builder delivers to the purchaser an irrevocable letter of credit, issued by a financial institution that is guaranteed by the Federal Deposit Insurance Corporation, in the amount of the deposit money advanced to the builder by the purchaser.
Any person who knowingly violates the Automotive Repair Act, the Home Repair and Remodeling Act, the Dance Studio Act, the Physical Fitness Services Act, the Hearing Instrument Consumer Protection Act, the Illinois Union Label Act, the Job Referral and Job Listing Services Consumer Protection Act, the Travel Promotion Consumer Protection Act, the Credit Services Organizations Act, the Automatic Telephone Dialers Act, the Pay-Per-Call Services Consumer Protection Act, the Telephone Solicitations Act, the Illinois Funeral or Burial Funds Act, the Cemetery Care Act, the Safe and Hygienic Bed Act, the Pre-Need Cemetery Sales Act, subsection (a) or (b) of Section 3-10 of the Cigarette Tax Act, subsection (a) or -4- LRB093 10795 LCB 11222 b (b) of Section 3-10 of the Cigarette Use Tax Act, the Electronic Mail Act, t______i______________________i________ or paragraph (6) of subsection (k) of Section 6-305 of the Illinois Vehicle Code commits an unlawful practice within the meaning of this Act.
Any person who knowingly violates the Automotive Repair Act, the Home Repair and Remodeling Act, the Dance Studio Act, the Physical Fitness Services Act, the Hearing Instrument Consumer Protection Act, the Illinois Union Label Act, the Job Referral and Job Listing Services Consumer Protection Act, the Travel Promotion Consumer Protection Act, the Credit Services Organizations Act, the Automatic Telephone Dialers Act, the Pay-Per-Call Services Consumer Protection Act, the Telephone Solicitations Act, the Illinois Funeral or Burial Funds Act, the Cemetery Care Act, the Safe and Hygienic Bed Act, the Pre-Need Cemetery Sales Act, subsection (a) or (b) of Section 3-10 of the Cigarette Tax Act, subsection (a) or SB1063 Engrossed -4- LRB093 10795 LCB 11222 b (b) of Section 3-10 of the Cigarette Use Tax Act, the Electronic Mail Act, __e______________________p__________ or paragraph (6) of subsection (k) of Section 6-305 of the Illinois Vehicle Code commits an unlawful practice within the meaning of this Act.
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Action History

  1. Session Sine Die

  2. Rule 19(a) / Re-referred to Rules Committee

  3. Remains in Consumer Protection Committee

  4. Motion Do Pass - Lost Consumer Protection Committee; 005-002-001

  5. Added Alternate Chief Co-Sponsor Rep. Robin Kelly

  6. Assigned to Consumer Protection Committee

  7. Referred to Rules Committee

  8. First Reading

  9. Chief House Sponsor Rep. Angelo Saviano

  10. Placed on Calendar Order of First Reading

  11. Arrived in House

  12. Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)

  13. Third Reading - Passed; 055-000-000

  14. Motion to Reconsider Vote - Tabled

  15. Senate Floor Amendment No. 1 Postponed - Financial Institutions

  16. Senate Floor Amendment No. 1 Rules Refers to Financial Institutions

  17. Senate Floor Amendment No. 1 Referred to Rules

  18. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Adeline Jay Geo-Karis

  19. Motion Filed to Reconsider Vote Sen. John J. Cullerton

  20. Third Reading - Passed; 055-000-000

  21. Placed on Calendar Order of 3rd Reading March 24, 2003

  22. Second Reading

  23. Placed on Calendar Order of 2nd Reading March 18, 2003

  24. Do Pass Financial Institutions; 006-000-000

  25. Added as Chief Co-Sponsor Sen. Terry Link

  26. Held in Financial Institutions

  27. Assigned to Financial Institutions

  28. Referred to Rules

  29. First Reading

  30. Filed with Secretary by Sen. Adeline Jay Geo-Karis

Sponsors

  • Adeline Jay Geo-Karis · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Adeline Jay Geo-Karis

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 55 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 47004
Democrat 7000
Republican 1000
Total 55004
% of votes cast 93%0%0%7%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Silverstein — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Burzynski — Yea
Garrett — Yea
Halvorson — Yea
Lauzen — Yea
Munoz — Yea
Link — Yea
Luechtefeld — Yea
Meeks — Yea
Obama — Yea
Sullivan, J. — Yea
Petka — Yea
Peterson — Yea
Radogno — Yea
Jacobs — Yea
Jones, J. — Yea
Schoenberg — Yea
Jones, W. — Yea
Shadid — Yea
Watson — Yea
Cullerton — Yea
Sieben — Yea
Demuzio — Yea
Trotter — Yea
Viverito — Yea
Sullivan, D. — Not Voting
Brady — Not Voting
Clayborne — Yea
Cronin — Yea
Crotty — Yea
DeLeo — Yea
Dillard — Yea
Geo-Karis — Yea
Haine — Yea
Hendon — Yea
Winkel — Yea
Wojcik — Yea
Woolard — Yea
Philip — Not Voting
Rauschenberger — Yea
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Not Voting
del Valle — Yea
Don Harmon Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 1063 do?
Creates the Builder Purchaser Deposit Act. Requires builders, developers, or agents for builders or developers that receive earnest money, deposits, payments, or advances to hold that money in a separate interest bearing account until title to the property is conveyed to the purchaser. Provides that, within 10 days of receipt of the earnest money, deposit, payment, or advance, the builder shall provide the purchaser with the name and address of the financial institution where the money is held. Provides that violation of the Act is an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act, and amends that Act to so reflect.
Who sponsors SB 1063?
SB 1063 is sponsored by Adeline Jay Geo-Karis.
What is the current status of SB 1063?
This bill died with 93rd Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1063?
Track SB 1063 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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