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SB 1063 Illinois Senate · 93rd Regular Session

BUILDER PURCHASER DEPOSIT ACT

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 status failed 3 of 5 stages cleared
Introduction
Mar 2003
Committee Review
May 2003
Senate Passage
Apr 2003
House Passage
Governor
Introduced Mar 25, 2003 Last action Jan 11, 2005
Floor votes · Senate Mar 24, 2003

How they voted

43–0
Passed · 2 other
Total votes 45
Mar 24, 2003
D Democratic25
25 Yea
100% Yea
R Republican20
18 Yea 2
90% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
31
Key actions
3
Committee
9
Amendments
4
May 2, 2003
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Apr 30, 2003
Lower · Passed
Remains in Consumer Protection Committee
lower
Apr 30, 2003
Committee
Motion Do Pass - Lost Consumer Protection Committee; 005-002-001
lower
Apr 9, 2003
Committee
Assigned to Consumer Protection Committee
lower
Apr 8, 2003
Committee
Referred to Rules Committee
lower
Apr 3, 2003
Introduced
Arrived in House
lower
Apr 2, 2003
Amended
Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
upper
Apr 2, 2003
Introduced
Senate Floor Amendment No. 1 Postponed - Financial Institutions
upper
Apr 2, 2003
Introduced
Senate Floor Amendment No. 1 Rules Refers to Financial Institutions
upper
Apr 2, 2003
Committee
Senate Floor Amendment No. 1 Referred to Rules
upper
Apr 2, 2003
Introduced
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Adeline Jay Geo-Karis
upper
Mar 25, 2003
Introduced
Motion Filed to Reconsider Vote Sen. John J. Cullerton
upper
Mar 24, 2003
Senate · Passed
Senate Vote: pass (43-0-2)
senate
Mar 13, 2003
Upper · Passed
Do Pass Financial Institutions; 006-000-000
upper
Feb 26, 2003
Committee
Assigned to Financial Institutions
upper
Feb 19, 2003
Committee
Referred to Rules
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.