SB3480 102ND GENERAL ASSEMBLY

  
  
 

 
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.
  


LRB102 24524 BMS 33758 b

 
 
A BILL FOR
 

  
SB3480LRB102 24524 BMS 33758 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Banking Act is amended  by adding 
5Section 48.7 as follows:
 
6    (205 ILCS 5/48.7 new)
7    Sec. 48.7. Release of lien. A bank or financial 
8institution that has provided a loan for the purchase of 
9personal property and attached a lien on that property shall 
10deliver to the lienee a certificate of release, for recording, 
11within 10 days after receipt of total payment pursuant to the 
12bank's or financial institution's written payoff statement.