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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2611
Introduced 1/20/2006, by Sen. Terry Link - Arthur J. Wilhelmi SYNOPSIS AS INTRODUCED:
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Amends the Conveyances Act. Provides that every mortgage or deed of trust in
the nature of a mortgage relating to the financing of residential real estate
must include the name of the financial institution providing the
financing and the loan officer who signed the document, the name of the
residential mortgage licensee receiving compensation relating to the financing, the name of the loan originator who signed the mortgage loan application,
and the name of the real
estate appraiser who provided the appraisal on which the financing was based.
Provides that the county recorder may not record
a mortgage if the required information is not provided. Provides that the failure
to comply with the new requirements does not invalidate the recording of a mortgage or trust deed or impair the rights of the mortgagee or beneficiary of
the trust deed.
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| HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY | |
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A BILL FOR
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SB2611 |
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LRB094 18962 AJO 54426 b |
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| AN ACT in relation to real property.
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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 Conveyances Act is amended by adding Section |
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| 11.1 as follows:
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| (765 ILCS 5/11.1 new)
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| Sec. 11.1. Recording of liens on residential real estate.
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| (a) As used in this Section:
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| (1) "Residential real estate" means a dwelling |
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| consisting of one to 4
family units or that is in a |
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| dwelling consisting of condominium or
cooperative units.
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| (2) "Financial institution" means a bank, credit |
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| union, insurance company,
mortgage banking company, |
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| savings bank, savings and loan association, or other
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| residential real estate lender.
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| (3) "Residential mortgage licensee" means a licensee |
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| under the
Residential Mortgage License Act of 1987.
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| (4) "Real estate appraiser" means a State certified |
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| residential real
estate appraiser, a State certified |
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| general real estate appraiser, or a
State licensed real |
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| estate appraiser under the Real Estate Appraiser
Licensing |
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| Act of 2002.
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| (b) Every mortgage or deed of trust in the nature of a |
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| mortgage relating to
the
financing of
residential real estate |
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| that is filed on or after the effective date of this
amendatory |
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| Act of the 94th General Assembly must, to the extent |
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| applicable,
include in the recording of the mortgage or trust |
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| deed the following
information:
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| (1) The name of the financial institution providing the |
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| financing to the
mortgagor or transferor of the trust deed |
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| and the name of the loan officer
employed by the financial |
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| institution who signed the mortgage or trust deed on
behalf |