Bill Text: IL HB2699 | 2019-2020 | 101st General Assembly | Chaptered
Bill Title: Amends the Mortgage Act. Adds a person authorized by the mortgagor, grantor, heir, legal representative, or assign to the list of those who may request that the mortgagee of real property shall make, execute, and deliver an instrument in writing releasing a mortgage or deed of trust. Provides that if any mortgagee or trustee shall not, within 30 days (rather than "one month") after the payment of the debt secured by the mortgage or trust deed complies with specific requirements, then he or she shall be liable for the sum of $200 to the aggrieved party. Provides that the successor in interest to the mortgagee or trustee shall not be liable for the $200 penalty if he or she complies with specific requirements within 30 days (rather than "one month") after succeeding to the interest.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2019-07-19 - Public Act . . . . . . . . . 101-0097 [HB2699 Detail]
Download: Illinois-2019-HB2699-Chaptered.html
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Public Act 101-0097 | ||||
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Mortgage Act is amended by changing Sections | ||||
2 and 4 as follows:
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(765 ILCS 905/2) (from Ch. 95, par. 52)
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Sec. 2.
Every mortgagee of real property, his or her | ||||
assignee of record, or other
legal
representative, having | ||||
received full satisfaction and payment of all such
sum or sums | ||||
of money as are really due to him or her from the mortgagor, | ||||
and every
trustee, or his or her successor in trust, in a deed | ||||
of trust in the nature of a
mortgage, the notes, bonds or other | ||||
indebtedness secured thereby having
been fully paid before | ||||
September 7, 1973, shall, at the request of the
mortgagor, or | ||||
grantor
in a deed of trust in the nature of a mortgage, his or | ||||
her heirs, legal
representatives or assigns, or a person | ||||
authorized by such mortgagor, grantor, heir, legal | ||||
representative, or assign, in case such mortgage or trust deed | ||||
has been
recorded or registered, make, execute and deliver to | ||||
the mortgagor or grantor
in a deed
of trust in the nature of a | ||||
mortgage, his or her heirs, legal representatives or
assigns, | ||||
or a person authorized by the mortgagor, grantor, heir, legal | ||||
representative, or assign, an instrument in writing executed in |
conformity with the
provisions of this Section section | ||
releasing such mortgage or deed of trust in the
nature of a | ||
mortgage, which release shall be entitled to be recorded or
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registered and
the recorder or registrar upon receipt of such a | ||
release and the payment of the
recording fee therefor shall | ||
record or register the same.
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Mortgages of real property and deeds of trust in the nature | ||
of a
mortgage shall be released of record only in the manner | ||
provided herein
or as provided in the Mortgage Certificate of | ||
Release Act; however,
nothing contained in this Act shall in | ||
any manner affect the
validity of any release of a mortgage or | ||
deed of trust made prior to
January 1, 1952 on the margin of | ||
the record.
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Except in the case of a mortgage that is required to be | ||
released under the
Mortgage Certificate of
Release Act, every | ||
mortgagee of real
property, his or her assignee of record, or | ||
other legal representative, having
received full satisfaction | ||
and payment of all such sum or sums of money as
are really due | ||
to him or her from the mortgagor, and every trustee, or his or | ||
her
successor in trust, in a deed of trust in the nature of a | ||
mortgage, the
notes, bonds or other indebtedness secured | ||
thereby having been fully paid
after September 7, 1973, shall | ||
make, execute and deliver to the mortgagor
or grantor in a
deed | ||
of trust in the nature of a mortgage, his or her heirs, legal | ||
representatives
or assigns, or person authorized by such | ||
mortgagor, grantor, heir, legal representative, or assign, an |
instrument in writing releasing such mortgage or deed of
trust | ||
in the nature of a mortgage or shall deliver that release to | ||
the
recorder or registrar for recording or registering. If the | ||
release
is delivered
to the mortgagor or
grantor, it must have | ||
imprinted on its face in bold letters at least 1/4
inch in | ||
height the following: "FOR THE PROTECTION OF THE OWNER, THIS
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RELEASE SHALL BE FILED WITH THE RECORDER OR THE REGISTRAR OF
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TITLES IN WHOSE OFFICE THE
MORTGAGE OR DEED OF TRUST WAS | ||
FILED". The recorder, or registrar, upon
receipt of such a
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release and the payment of the recording or registration fee, | ||
shall record
or register the release. A certificate of release | ||
issued and recorded by a
title insurance company or its duly | ||
appointed agent pursuant to the Mortgage
Certificate of Release | ||
Act shall satisfy the requirements of this Section 2.
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(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)
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(765 ILCS 905/4) (from Ch. 95, par. 54)
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Sec. 4.
If any mortgagee or trustee, in a deed in the | ||
nature of a mortgage, of
real property, or his or her executor | ||
or administrator, heirs or assigns, knowing
the same to be | ||
paid, shall not, within 30 days one month after the payment of | ||
the
debt secured by such mortgage or trust deed, comply with | ||
the requirements
of Section 2 of this Act, he or she shall, for | ||
every such offense, be liable for
and pay to the party | ||
aggrieved the sum of $200 which may be recovered by
the party | ||
aggrieved in a civil action, together with reasonable |
attorney's
fees. In any such action, introduction of a loan | ||
payment book or receipt
which indicates that the obligation has | ||
been paid shall be sufficient
evidence to raise a presumption | ||
that the obligation has been paid. Upon a
finding for the party | ||
aggrieved, the court shall order the mortgagee or
trustee, or | ||
his or her executor or administrator, heirs or assigns, to | ||
make,
execute and deliver the release as provided in Section 2 | ||
of this Act. The
successor in interest to the mortgagee or | ||
trustee in a deed in the nature
of a mortgage shall not be | ||
liable for the penalty prescribed in this
Section if he or she | ||
complies with the requirements of Section 2 of this Act
within | ||
30 days one month after succeeding to the interest.
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(Source: P.A. 78-587 .)
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