On the heels of landmark financial reform in Washington, a legislative package offered by Financial Institutions Chair Jacqueline Collins has been signed by Governor Quinn.

“The recent financial reform law signed in Washington will help prevent another economic downturn caused by risky mortgages, predatory lending and reckless investments. The legislation signed by Governor Quinn will help those who have fallen victim to the very practices that Wall Street reform seeks to eliminate,” said State Sen. Jacqueline Collins (D – Chicago).

Senate Bill 3739 is a tri-fold approach to positively impact Illinoisans distressed by foreclosure.

The legislation will:

1. extend the state’s 30-30-30 program for 3 more years which will give up to a 90-day grace period for homeowners facing foreclosure if they seek housing counseling certified by the U.S. Department of Housing and Urban Development
2. create a new foreclosure prevention program which will award grants for foreclosure outreach and housing counseling
3. create a new abandoned residential property municipality relief program to award grants to municipalities to assist with removal costs related to securing vacant homes

“With the economy deteriorating, and families losing their homes, we have a moral obligation to pass legislation to protect working families and our most vulnerable in society. Illinois’ future depends on it,” Collins added.