House Bill 28, known as the Illinois Receivership Act, has successfully passed both chambers of the Illinois General Assembly and now awaits the signature of Governor J.B. Pritzker to become law.

This landmark legislation introduces clear guidelines for the appointment of receivers, the management of receivership properties, and the notification process for affected parties. It will provide a standardized legal framework for commercial receiverships in Illinois, replacing the current system that relies on common law and scattered statutes.

Key Provisions

The Act outlines a comprehensive structure for the appointment of receivers, the management and disposition of receivership property, and the notification process for affected parties. Notably, it defines the powers and responsibilities of court-appointed receivers and establishes due process protections to ensure transparency and fairness.

The legislation specifically clarifies the scope of receiverships, particularly concerning properties used for agricultural, commercial, industrial, or mineral-extraction purposes, while excluding certain residential properties. It particularly excludes certain residential properties—one to six dwelling units—unless they meet defined criteria, such as being used commercially or forming part of a planned development intended for sale or lease.

Support and Concerns

Supporters of the bill argued that it will bring greater efficiency and clarity to the receivership process, encouraging consistency and reducing litigation risks. By codifying best practices, the Act is expected to benefit courts, lenders, property owners, and investors alike.

While the bill has garnered significant support, there might have been concerns raised by some stakeholders. The Illinois REALTORS® organization has adopted a neutral stance on the bill. While not opposing it, they were carefully monitoring its progression and potential implications for the residential and commercial real estate markets.

Next Steps

The bill is now awaiting Governor Pritzker’s signature. Upon enactment, the Illinois Receivership Act will become the authoritative framework for commercial receiverships in the state. Real estate professionals, lenders, attorneys, and other stakeholders are encouraged to review the new provisions to ensure compliance and maximize the opportunities it presents.

Why Experience Matters

In light of the impending implementation of the Illinois Receivership Act (HB0028), the importance of selecting a qualified, experienced, and responsive receiver cannot be overstated. The office of the Illinois Receiver, led by Arthur R. van der Vant, offers a trusted solution for court-appointed receiverships across Cook, DuPage, Lake, Kane, Kendall, McHenry, and Will Counties.

Why Choose Illinois Receiver?

• Deep Expertise: Arthur R. van der Vant brings over 37 years of expertise in real estate, property management, and receivership services. He has served as a court-appointed receiver in both Illinois state and federal courts. Mr. van der Vant obtained credentials equivalent to a Ph.D.-level education in commercial and investment real estate (CCIM), as well as in asset liquidation (CAI), underscoring his advanced knowledge and practical mastery in these fields.
• Proven Success: Trusted by professionals from institutions like the FDIC, MB Financial Bank, and Freedom Title, Illinois Receiver has consistently delivered results in managing complex and high-value receivership cases.
• Comprehensive Service Offering: From asset protection and sales to property maintenance and tenant management, Illinois Receiver provides end-to-end solutions tailored to each case.
• Rapid Deployment: Capable of mobilizing within 24 hours, the team ensures prompt action to safeguard and preserve asset value.
• Transparent and Fair Fees: Services are billed in 1/10-hour increments, offering cost-effective pricing without compromising service quality.

Alignment with the Illinois Receivership Act

The Illinois Receivership Act introduces procedural consistency, due process safeguards, and clearly defined responsibilities. Appointing a professional like Arthur R. van der Vant ensures compliance with the new statutory requirements while delivering the experience and judgment critical to navigating this evolving legal landscape.

If you need assistance understanding how the Illinois Receivership Act may impact your specific situation or industry, feel free to ask for more detailed information.

For more information or to initiate a receivership appointment, visit IllinoisReceiver.com or contact (312) 607-4646.

By Arthur R. van der Vant, Illinois Receiver