New law to help protect renters in Illinois

By WEEK Producer

New law to help protect renters in Illinois

August 21, 2013 Updated Aug 22, 2013 at 11:43 AM CST

CHICAGO, Ill. -- Renters in Illinois will soon have some extra protection when it comes to foreclosure.

On Wednesday, Governor Pat Quinn signed a new law that gives renters time to find a new place to live in case of foreclosure.

The law covers renters who live in multi-family properties.

It requires those who take over the foreclosed property to honor any existing lease or give tenants a minimum of 90 days to secure new housing.

Sponsors of the bill said the law was needed because of the ongoing foreclosure crisis.

"There is already protections in federal law, but those protections are due to expire in 2014. With this state law, Illinois has no expiration date on the protections for homeowners and renters," said State Senator Jacqueline Collins, (D) Chicago.

The new law takes effect in mid-November.

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