SB3480 102ND GENERAL ASSEMBLY

LRB102 24524 BMS 33758 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3480

Introduced 1/19/2022, by Sen. Laura M. Murphy

SYNOPSIS AS INTRODUCED:

205 ILCS 5/48.7 new

Amends the Illinois Banking Act. Provides that a bank or financial institution that has provided a loan for the purchase of personal property and attached a lien on that property shall deliver to the lienee a certificate of release, for recording, within 10 days after receipt of total payment pursuant to the bank's or financial institution's written payoff statement.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Banking Act is amended by adding Section 48.7 as follows:

(205 ILCS 5/48.7 new)

Sec. 48.7. Release of lien. A bank or financial institution that has provided a loan for the purchase of personal property and attached a lien on that property shall deliver to the lienee a certificate of release, for recording, within 10 days after receipt of total payment pursuant to the bank's or financial institution's written payoff statement.