SB2141 voids conditions in Illinois real estate contracts that reference non-Illinois law.
SB2141 amends the Residential Real Property Disclosure Act and the Consumer Fraud and Deceptive Business Practices Act to ensure that any condition, stipulation, or provision in any mortgage, promissory note, or contract directly affecting an interest in Illinois real estate must state that Illinois law shall apply. Any condition, stipulation, or provision purporting to apply the law of another state or country is void. This applies to both real estate transactions and consumer transactions.
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