As usual, the new year brings with it a number of new laws into effect. A number of noteworthy changes to Illinois law passed last year, including:
Unclaimed Property: In our last issue we addressed a change in Illinois law concerning the status of matured U.S. Savings Bonds. That change created concern over the status of matured bonds still in possession of the owner with many observers taking the position that the amendment would result in those bonds being treated as unclaimed property by the state.
Since then, Illinois has adopted a more comprehensive reform of its unclaimed property laws by adopting the Revised Uniform Unclaimed Property Act effective January 1, 2018.
The new law clarifies that only U.S. Savings Bonds not in physical possession of the owner may be transferred to the State Treasurer if the bonds are five or more years past the final maturity date.
The new law also reduces the abandonment period of many types of property from five years to three years, including state and municipal bonds.
Regulation of Residential Real Estate Contracts: The Installment Sales Contract Act places new duties on the sale of residential real estate by seller-financed installment contracts.
The new Act applies to sellers who enter into more than three installment sales contracts within a 12-month period. The Act excludes, among other things, tracts of land four acres or more zoned for agricultural purposes.
The Act requires the seller to record the contract within ten days of execution of the contract, or the buyer may rescind the agreement.
Each installment sales contract must clearly and conspicuously disclose certain information as specified in the Act, including that the buyer has the right to have a home inspector inspect the house, and that code violations must be disclosed.
The new Act requires that a buyer must be given a ninety day period after defaulting on the agreement to correct the breach before foreclosure proceedings may begin. Illinois law already provided that if an installment sale buyer had 20% equity in the property, forfeiture was prohibited. In such cases, the Seller must foreclose on the property, which provides additional protections for the buyer, including receiving the sale proceeds exceeding the remaining balance due and foreclosure sale costs.
Finally, a buyer will be credited for improvements and repairs made to the property in any foreclosure.
Training for Guardians of the Person Required: Beginning September 8, 2018, newly appointed guardians of the person, except in Cook County, will be required to participate in a training program. The added burden of this class creates a further incentive to plan for disability by using Powers of Attorney for Healthcare and Powers of Attorney for Property to avoid the need for a guardianship.
Joint Custody of Pets: A new amendment to the Illinois Marriage and Dissolution of Marriage Act now allows judges to award joint or sole custody of pets in a divorce.
Price Disclosures for Services: The Consumer Fraud and Deceptive Business Practices Act has been amended to require that salons, barbers, dry cleaners, laundries, and tailors establish a standard service price list that be made available to customers upon request. The purpose of the amendment is to address disparities in prices for services charged to men and women for the same services when the same time, expertise and materials are involved.
Organ Donor Registration for Teenage Drivers: Sixteen and seventeen year-olds may now sign up to be organ donors when they receive their driver’s license. The parent or guardian may revoke the consent to donation until the teenager is 18.
Retaliation for Negative Reviews Businesses providing consumer goods and services are prohibited from creating or enforcing non-disparagement clauses in service agreements. Unlike similar federal protections, the Illinois law provides for a right to sue to recover damages caused by the violation of the law rather than just enforcement by an agency. The law does not, however, protect consumers from liability for defamation if they post reviews containing false information