Illinois · House Bill 5231 · 103rd General Assembly

SHARED APPRECIATION AGREEMENTS

HB 5231 Sponsored by Margaret Croke Died in committee

  1. Introduced Feb 8, 2024
  2. In committee Feb 9, 2024
  3. Died  
  4. Passed the Senate  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

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…

Read the full title (181 words)

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.

Every action

19 steps, oldest first, as the legislature records them.

Show the 11 earlier steps
  1. HouseFiled with the Clerk by Rep. Margaret Croke
  2. HouseFirst Reading
  3. CommitteeReferred to Rules Committee · House Rules
  4. CommitteeAssigned to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  5. HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
  6. CommitteeHouse Committee Amendment No. 1 Referred to Rules Committee · House Rules
  7. CommitteeHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  8. CommitteeHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote · House Financial Institutions & Licensing
  9. CommitteeDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000 · House Financial Institutions & Licensing
  10. HousePlaced on Calendar 2nd Reading - Short Debate
  11. HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Margaret Croke
  1. CommitteeHouse Floor Amendment No. 2 Referred to Rules Committee · House Rules
  2. CommitteeHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  3. CommitteeHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000 · House Financial Institutions & Licensing
  4. HouseSecond Reading - Short Debate
  5. HouseHouse Floor Amendment No. 2 Adopted
  6. HousePlaced on Calendar Order of 3rd Reading - Short Debate
  7. CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
  8. HouseSession Sine Die

Roll calls

2 recorded votes: 0 on the floor, 2 in committee. Each shows how every member voted.

Committee votes

DateWhereQuestionResult
Mar 12, 2024 House Financial Institutions & Licensing Financial Institutions & Licensing - Do Pass As Amended
Members

Yes · 12

 Passed 12–0
Mar 20, 2024 House Financial Institutions & Licensing House Floor Amendment No. 2 - Financial Institutions & Licensing - Recommends Be Adopted
Members

Yes · 11

Not voting · 1

 Passed 11–0

Sponsors

The member who introduced it.

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.