Bill > SB2141

This bill amends two Illinois laws to protect consumers and property owners by preventing the use of out-of-state legal jurisdictions in real estate transactions. Specifically, the legislation requires that any mortgage, promissory note, or contract involving Illinois real estate must explicitly state that Illinois law applies, and it declares any provisions attempting to apply the laws of another state or country as legally void. The bill adds a new section to the Residential Real Property Disclosure Act mandating that all such documents specify Illinois law, and it also modifies the Consumer Fraud and Deceptive Business Practices Act to make inserting non-Illinois jurisdiction clauses an unlawful practice. The intent of the bill appears to be protecting Illinois consumers by ensuring that all real estate-related legal agreements are governed by Illinois state law, preventing potential exploitation through complex or unfamiliar legal jurisdictions that might disadvantage property owners or buyers.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2141&GAID=18&DocTypeID=SB&SessionID=114&GA=104