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HB0028
Illinois Receivership Act
Last scannedAug 24, 2026, 10:00 AM
In one sentence
This new law creates rules for when a court appoints someone to manage property in Illinois and lists specific types of properties that are not covered.
What it does
- Creates the Illinois Receivership Act as a new set of laws.
- Defines key terms like receiver, debtor, mortgage, affiliate, companion, lien, and owner.
- Excludes residential real estate from this law if it is defined under the Illinois Mortgage Foreclosure Law.
- Removes coverage for properties with one to six dwelling units unless they are used for business purposes or rented out by a non-family member.
- Removes coverage for receiverships that happen under the Nursing Home Care Act.
Who it affects
- Courts in Illinois
- People who own property subject to a receiver appointment
- Receivers appointed by courts
Limits and unknowns
- This law does not apply to residential real estate covered by the Illinois Mortgage Foreclosure Law.
- Properties with one to six homes are only included if they meet specific business or rental conditions listed in the text.
- The full list of rules for how a receiver must act is cut off in the provided source material.
Plain language
Terms to know
- Receiver
- A person chosen by the court as its agent to take control, manage, or sell property.
- Affiliate
- For an individual: a spouse, domestic partner, civil union partner, family member (including ancestors, descendants, siblings, and cousins), their partners, or anyone living in the same home. For businesses: people who control them, officers, employees, or those related to such individuals.
- Receivership Property
- The specific property listed in a court order that is under the control of a receiver.
Official record
Sources
Official summary
ILLINOIS RECEIVERSHIP ACT