Quinn Signs Bill Strengthening Tenants Rights
By aaroncynic in News on Aug 21, 2013 8:20PM
Gov. Pat Quinn signed a bill Wednesday strengthening the rights of renters who live in buildings facing foreclosure. The law requires anyone acquiring a residential property via foreclosure to honor current leases or at least provide 90 days notice for a renter to acquire new housing. Quinn said in a press release:
“The foreclosure crisis has been devastating to homeowners as well as many families living in rental homes who are at risk of losing their home due to no fault of their own. As families in our communities continue to recover from the worst recession since the Great Depression, this law will ensure renters are protected from sudden forced moves that can be costly and disruptive to their lives.”
Forty percent of families affected by foreclosure are renters who could be unaware of an owner’s failure to make mortgage payments, the Chicago Tribune reports, citing state numbers. State Sen. Jacqueline Collins, who co-sponsored the bill with State Rep. Kelly Cassidy said “No one should be evicted on short notice and lose access to a safe place to live because of the financial circumstances of the landlord.”
The law will take effect in 90 days.