A bill designed to protect Illinois tenants caught in the middle of a landlord’s foreclosure passed the state legislature this past week.
The bill, sponsored by State Sen. Jacqueline Collins, D-Chicago, is now heading to the governor’s office.
It’s designed to give paying tenants rights under state law when a rental property is repossessed by a foreclosing bank or sold, Collins noted in a statement.
Right now, tenants in foreclosed properties have protections under federal law that expire in 2014.
Generally speaking, an owner who buys a foreclosed property can evict a tenant at the end of the lease or if there is no lease, 90 days after giving notice.
If the new owner is using it as a primary residence, they can terminate the lease after a 90-day warning.
The state protections passed by the legislature are designed to give more definitive, long-term protections.
"As a legislator with a consistent commitment to housing rights and keeping people in their homes, I do not want the residents of Illinois to fall through the cracks when federal protections expire or are inadequate," Sen. Collins said. "I want Illinois to be known for its comprehensive approach to the foreclosure crisis so our neighborhoods can weather this storm and emerge stronger."