Illinois Governor Pat Quinn Signs Bill Extending Tenant Protections In Foreclosure
A federal law that protects renters whose buildings are in foreclosure will expire this year. Illinois Gov. Pat Quinn signed a bill into law that would extend those protections for Illinois renters.
Under the new law, renters are entitled to remain in their homes through the end of their leases. If the bank, receiver, or other entitity in control of the property will not renew the lease, notice must be given 90 days in advance of the lease's expiration.
If the foreclosed property is sold to a third party that intends to make it a primary residence, then the renter is entitled to 90 days notice before the lease can be terminated. This bill extends the protections of the federal law with the same provisions.
It is also another layer of protection for renters in Illinois -- Chicago passed the Keep Chicago Renting ordinance earlier this year, but this bill protects renters state-wide. The new law takes effect in 90 days.