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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB5160
Introduced , by Rep. Ruth Munson SYNOPSIS AS INTRODUCED: |
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Amends the Mortgage Act. Provides that any person who is required to pay or deliver funds to complete a real estate closing shall do so at the closing. Provides a definition of a real estate closing. Provides that a person who wants to make a wire transfer at a closing shall make contact with the person or entity that will receive the funds prior to the closing to determine if a wire transfer can be made and, if so, the details of effecting the transfer. Provides that a person who fails to make any required payment at a closing is liable to any party involved in the closing who incurs a loss or expense because of the failure to make the payment at the closing, plus costs and reasonable attorney's fees. Effective immediately.
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A BILL FOR
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HB5160 |
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LRB095 18258 AJO 44342 b |
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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 adding Section |
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| 4.5 as follows: |
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| (765 ILCS 905/4.5 new) |
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| Sec. 4.5. Timely payment of sums due. |
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| (a) Any person who is to pay or deliver funds as part of a |
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| real estate closing shall do so at the time of the closing. |
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| (b) For purposes of this Section, "real estate closing" or |
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| "closing" means the conclusion of a real estate sale or |
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| transaction or the refinancing of a real estate loan at which |
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| time funds are paid and documents to conclude the transaction |
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| are executed. |
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| (c) A person who has an obligation to pay or deliver funds |
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| at the time of a closing who prefers to deliver the funds by a |
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| wire transfer shall contact, at least one day in advance of the |
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| closing, the person or entity that is to receive those funds to |
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| determine whether a wire transfer is an acceptable means of |
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| transferring funds and, if so, the
details of how to complete a |
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| wire transfer for the closing. |
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| (d) A person with an obligation to pay or deliver funds to |
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| complete a closing who fails to do so at the time of the |