republic-os/legislation/us/states/il/103rd/sb-3551.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	SHARED APPRECIATION AGREEMENTS	Amends the Residential Mortgage License Act of 1987. Provides that, prior to taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided specified counseling regardless of the county in which the property is located. Provides that the borrower may not waive counseling. Provides that the Secretary of Financial and Professional Regulation may adopt rules relating to shared appreciation agreements. Defines "shared appreciation agreement", and includes shared appreciation agreements within the definition of "Mortgage loan", "residential mortgage loan", or "home mortgage loan". Amends the Residential Real Property Disclosure Act. Provides that, for each loan for which the originator takes an application, the broker or originator must submit for inclusion in the predatory lending database whether the borrower has entered into a shared appreciation agreement. Provides that a borrower or borrowers subject to specified provisions shall be recommended for counseling if the Department of Financial and Professional Regulation finds the borrower or borrowers are all first-time homebuyers or refinancing a primary residence and the loan is a mortgage that includes a shared appreciation agreement. Effective immediately.	us/states/il	Illinois General Assembly	103rd	SB 3551	Illinois SB 3551 (103rd)	bill		enacted	Margaret Croke Sara Feigenholtz	5	39	6	2024-02-09	2024-08-09	openstates	ocd-bill/1bc19ebe-81ff-4435-bb18-a137e0711cb9	https://beta.ilga.gov/Legislation/BillStatus?DocNum=3551&GAID=17&DocTypeID=SB&LegId=153266&SessionID=112	7fc45012d4fdc39d2abf2967309768a2a3966430a729e9779385b32406d5e708	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-il

Illinois SB 3551 (103rd) — SHARED APPRECIATION AGREEMENTS

Amends the Residential Mortgage License Act of 1987. Provides that, prior to taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided specified counseling regardless of the county in which the property is located. Provides that the borrower may not waive counseling. Provides that the Secretary of Financial and Professional Regulation may adopt rules relating to shared appreciation agreements. Defines "shared appreciation agreement", and includes shared appreciation agreements within the definition of "Mortgage loan", "residential mortgage loan", or "home mortgage loan". Amends the Residential Real Property Disclosure Act. Provides that, for each loan for which the originator takes an application, the broker or originator must submit for inclusion in the predatory lending database whether the borrower has entered into a shared appreciation agreement. Provides that a borrower or borrowers subject to specified provisions shall be recommended for counseling if the Department of Financial and Professional Regulation finds the borrower or borrowers are all first-time homebuyers or refinancing a primary residence and the loan is a mortgage that includes a shared appreciation agreement. Effective immediately.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Introduced (filed) — source
2. Engrossed (committee substitute) — source
3. Senate Amendment 001 (committee substitute) — source
4. Senate Amendment 002 (committee substitute) — source
5. Enrolled (enrolled) — source

Votes

• Judiciary — 9–0 (pass) · lower
• Financial Institutions & Licensing — 12–0 (pass) · lower
• Third Reading — 59–0 (pass) · lower
• Judiciary, Amendment 2 — 8–0 (pass) · lower
• Third Reading — 110–0 (pass) · lower
• Judiciary — 9–0 (pass) · lower

Sponsors

• Margaret Croke — primary (person)
• Sara Feigenholtz — primary (person)
• Laura M. Murphy — cosponsor (person)
• Mary Edly-Allen — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2024-02-09 Filed with Secretary by Sen. Sara Feigenholtz filing
• 2024-02-09 First Reading reading-1
• 2024-02-09 Referred to Assignments
• 2024-02-20 Assigned to Judiciary referral-committee
• 2024-03-04 Senate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz amendment-introduction
• 2024-03-04 Senate Committee Amendment No. 1 Referred to Assignments
• 2024-03-05 Senate Committee Amendment No. 1 Assignments Refers to Judiciary
• 2024-03-06 Senate Committee Amendment No. 1 Postponed - Judiciary
• 2024-03-06 Postponed - Judiciary
• 2024-03-12 Senate Committee Amendment No. 1 Adopted amendment-passage
• 2024-03-13 Do Pass as Amended Judiciary; 009-000-000
• 2024-03-13 Placed on Calendar Order of 2nd Reading March 14, 2024 reading-2
• 2024-03-15 Senate Floor Amendment No. 2 Filed with Secretary by Sen. Sara Feigenholtz amendment-introduction
• 2024-03-15 Senate Floor Amendment No. 2 Referred to Assignments
• 2024-03-20 Senate Floor Amendment No. 2 Assignments Refers to Judiciary
• 2024-03-21 Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 008-000-000
• 2024-03-21 Senate Floor Amendment No. 2 Adopted amendment-passage
• 2024-03-21 Second Reading reading-2
• 2024-03-21 Placed on Calendar Order of 3rd Reading March 22, 2024
• 2024-04-10 Placed on Calendar Order of 3rd Reading **
• 2024-04-10 Added as Co-Sponsor Sen. Laura M. Murphy
• 2024-04-11 Added as Co-Sponsor Sen. Mary Edly-Allen
• 2024-04-12 Third Reading - Passed; 059-000-000 passage, reading-3
• 2024-04-12 Arrived in House introduction
• 2024-04-12 Chief House Sponsor Rep. Margaret Croke
• 2024-04-15 First Reading reading-1
• 2024-04-15 Referred to Rules Committee
• 2024-04-24 Assigned to Financial Institutions and Licensing Committee referral-committee
• 2024-04-30 Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
• 2024-05-01 Placed on Calendar 2nd Reading - Short Debate reading-2
• 2024-05-08 Second Reading - Short Debate reading-2
• 2024-05-08 Placed on Calendar Order of 3rd Reading - Short Debate
• 2024-05-17 Third Reading/Final Action Deadline Extended-9(b) May 24, 2024
• 2024-05-23 Third Reading - Short Debate - Passed 110-000-000 passage, reading-3
• 2024-05-23 Passed Both Houses
• 2024-06-21 Sent to the Governor executive-receipt
• 2024-08-09 Governor Approved executive-signature
• 2024-08-09 Effective Date January 1, 2025
• 2024-08-09 Public Act . . . . . . . . . 103-1015 became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/1bc19ebe-81ff-4435-bb18-a137e0711cb9. Confidence: reported (aggregated from official Illinois legislature records).