CHICAGO (AP) - Gov. Pat Quinn has used his amendatory veto power to alter legislation regarding fees for foreclosed condominiums.
The bill limits associations from collecting more than nine months of fees and regular assessments. It also requires notice of fees before closing.
State Sen. Michael Hastings is a sponsor. The Democrat says the intent was to give potential buyers of foreclosed properties more stability in expected costs. He says often times potential homebuyers of foreclosed properties are hit with unanticipated fees at closing.
In a Tuesday statement, Quinn says the mortgage lender should also assume some costs.
Hastings says he hasn’t decided if he’ll call for an override. A three-fifths vote is needed for that.
It’s the third time Quinn has used amendatory veto power this year.
The bills are SB2664.
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