Illinois · Senate Bill 3497 · 103rd General Assembly

HOME BUYER SAVINGS ACCOUNT ACT

SB 3497 Sponsored by Cristina Castro Died in committee

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

What it does

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

Creates the Illinois Home Buyer Savings Accounts Act. Provides that a first-time and second-chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second-chance home buyer savings account. Provides that the funds in a first-time and second-chance home buyer savings account may be used only to pay a first-time and second-chance…

Read the full title (157 words)

Creates the Illinois Home Buyer Savings Accounts Act. Provides that a first-time and second-chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second-chance home buyer savings account. Provides that the funds in a first-time and second-chance home buyer savings account may be used only to pay a first-time and second-chance home buyer's eligible costs for the purchase of a single-family residence in Illinois. Provides that 2 first-time and second-chance home buyers may jointly own a first-time and second-chance home buyer savings account. Provides that only cash and marketable securities may be contributed to a first-time and second-chance home buyer savings account. Sets forth provisions concerning the responsibilities of an account holder; the responsibilities of financial institutions; deduction of contributions, exclusion of earnings, and limitations; the penalty for withdrawal for purpose other than eligible costs; and the forms the Department of Revenue must adopt.

Every action

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

  1. SenateFiled with Secretary by Sen. Cristina Castro
  2. SenateFirst Reading
  3. CommitteeReferred to Assignments · Senate Assignments
  4. CommitteeAssigned to Revenue · Senate Revenue
  5. CommitteeRule 3-9(a) / Re-referred to Assignments · Senate Assignments
  6. SenateAdded as Co-Sponsor Sen. Mike Porfirio
  7. SenateAdded as Chief Co-Sponsor Sen. David Koehler
  8. SenateSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it, joined by 2 cosponsors: 2 Democrats.

All 2 cosponsors

From Illinois's official records (www.ilga.gov), checked Nov 2, 2026. Text links go to the official versions; LegiList does not copy bill text.