SB1443eng 104TH GENERAL ASSEMBLY

SB1443 Engrossed LRB104 07581 JRC 17625 b

AN ACT concerning civil law.

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

Section 5. The Mortgage Act is amended by adding Section 17 as follows:

(765 ILCS 905/17 new)

Sec. 17. Notwithstanding any other provisions of this Act:

(1) The Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien.

(2) Payment in full of a debt secured by a mortgage pursuant to a payoff statement, as defined in Section 5 of the Mortgage Certificate of Release Act, issued by or on behalf of the holder of the indebtedness extinguishes the lien of the mortgage.

Section 99. Effective date. This Act takes effect upon becoming law.