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New Illinois Renter Laws

For rent sign.
For rent sign.

A new law in Illinois that will take effect at the end of the year is aimed at protecting renters if their landlord's property goes into foreclosure.

Gov. Pat Quinn signed the law that says that those who buy multifamily properties out of foreclosure should either honor existing tenant leases or give the renters 90 days to move.

State officials say that about 40 percent of families affected by foreclosure are renters.

Advocates of the bill say this will help keep many tenants from being pushed into homelessness by giving them time to find a safe place to live.