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News & Press: State Legislative and Regulatory News

Illinois considers changing due diligence requirements

Tuesday, April 18, 2017   (2 Comments)
Posted by: Emily DuToit
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Illinois S.B. 1470 would require holders to send owner notices via certified mail if property is valued at over $1,000. On April 7, UPPO submitted comments to Illinois Senate leadership regarding the bill's impact on holders. Specifically, encouraging Illinois to remove the certified mail requirement from the bill language or to only require holders to use certified mail owner notices for property valued at $3,000 or more, as using certified mail is a costly burden and there's no evidence that certified mail yields additional owner responses.


The bill was placed on the calendar for a second reading on March 16. UPPO is monitoring the bill. 


Read the full comment letter.



Emily DuToit, UPPO says...
Posted Monday, April 24, 2017
Thomas: They aren't filed as companion bills but the two bills achieve the same thing. UPPO is tracking both bills.
Thomas J. Powers, U.S. Bank says...
Posted Monday, April 24, 2017
Is this a companion bill to IL HB 2536? They appear to be identical.

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