Illinois SB 148: UNAUTHOR PRACTICE LAW-REMEDY

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 Full Text of SB0148

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB0148

Introduced 1/17/2025, by Sen. Cristina Castro 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Illinois Home Buyer Savings Accounts Act. Provides that a first-time and second-chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second-chance home buyer savings account. Provides that the funds in a first-time and second-chance home buyer savings account may be used only to pay a first-time and second-chance home buyer's eligible costs for the purchase of a single-family residence in Illinois. Provides that 2 first-time and second-chance home buyers may jointly own a first-time and second-chance home buyer savings account. Provides that only cash and marketable securities may be contributed to a first-time and second-chance home buyer savings account. Sets forth provisions concerning the responsibilities of an account holder; the responsibilities of financial institutions; deduction of contributions, exclusion of earnings, and limitations; the penalty for withdrawal for purpose other than eligible costs; and the forms the Department of Revenue must adopt.

LRB104 07697 BAB 17741 b

A BILL FOR

SB0148LRB104 07697 BAB 17741 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Illinois Home Buyer Savings Accounts Act.

6 Section 5. Findings and purpose. 

7 (a) The General Assembly finds that: 

8 (1) The American Dream has always been closely 

9 associated with owning your own home. 

10 (2) It is becoming more and more difficult to achieve 

11 th