Finance
Illinois Kicks Off New Year with New Lending Disclosure Requirements by Devin Leary-Hanebrink
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During the holiday season, as manufactured housing prepares to close the books on another strong year, it is nice to set aside time to reflect on everything the industry has accomplished — including the first year in nearly two decades that home shipments crossed the six-figure threshold. However, it is equally important to keep an eye on the future, especially because a new year always includes the introduction of new regulations and compliance requirements. As such, Illinois is leading the charge with a new lending disclosure that take effect New Year’s Day and affects every lender (and many retailers) operating in the state.
50 | NOVEMBER / DECEMBER 2021 EDITION
Illinois Senate Bill 1779 (“SB 1779”), which was signed by the Governor on Aug. 13, and takes effect Jan. 1, 2022, amends the state’s Consumer Fraud and Deceptive Business Practices Act (the “Deceptive Practices Act”) by creating additional disclosure requirements when lenders provide loan terms to a consumer purchasing a home that has not been converted to real property. Specifically, a lender or an agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home that has not been deemed real property by satisfying the requirements of the Illinois Conveyance and Encumbrance of Manufactured Homes
