Lawmakers were back in town this week after a two-week recess and with the clock ticking on this spring session we expect some hectic weeks ahead as both chambers have set Friday, April 23rd as the deadline for consideration of bills in the various committees and May 7th is the scheduled adjournment date. While the State’s dramatic deficit is the elephant in the room to date there has been relatively NO floor debate on the budget as this typically is held till the final days of the session. Proposals to amend the Constitution- which must be placed on the November ballot- are also late session topics. We also hope to wrap up the variety of big issues that we have been involved with and that we have been reporting on and lobbying since February. You can get additional information on key bills from our Capitol Conference briefing papers on the IAR website. But here is a just a sample of those issues:
- Senate Bill 3747, our legislative initiative this year creating the Transfer Fee Covenant Act, is scheduled for a hearing in the House Judiciary I-Civil Law Committee next week. We anticipate an additional amendment to tweak the provisions to be added in Committee prior to it being debated on the House floor.
- Senate Bill 3334, another measure strongly supported by the IAR will be heard next week in the House Cities and Villages Committee. This is the legislation to address the impact that distressed sales have on the real estate market and the tax assessment process. Good feedback thus far from members of the General Assembly as they too hear back home from you and their constituents on this issue.
- We also expect a vote in the Senate Judiciary Committee on House Bill 5409—the title insurance proposal that has been negotiated throughout this spring session among representatives of the IAR, the IDFPR, the title insurance industry and various financial institutions. The version to be voted on next week REMOVES the State-mandated fee provision that we had objected to in the original proposal.
- Senate Bill 3180–the legislation to establish State regulations on homeowner associations is also pending in these final weeks. We continue to work with the sponsors of this legislation to seek balanced legislation that importantly PROTECTS homeowners but does not impose overly burdensome or costly requirements on either the associations or the association members.
KEEP up with all the news in the State Capitol Report from www.IARactioncenter.org. As always, we are here for YOU!