Quinn signs SB 56
The Protecting Tenants at Foreclosure Act, a federal law that protects renters whose buildings are in foreclosure, will expire in December 2014. However, on August 21, Illinois Gov. Pat Quinn signed a bill into law that permanently grants renters those protections for Illinois renters. Under the new law, renters are entitled to remain in their homes through the end of their leases.
If the foreclosed property is sold to a third party that intends to make it a primary residence, then the renter is entitled to 90 days notice before the lease can be terminated.
This is yet another layer of protection for renters in Illinois — Chicago passed the Keep Chicago Renting ordinance earlier this year, but this bill protects renters state-wide. The new law takes effect 90 days after it was signed.