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| [ Engrossed ] | [ Senate Amendment 001 ] |
90_SJ0018
SRS90SJ0001PMch
1 SENATE JOINT RESOLUTION
2 WHEREAS, The State of Illinois has a long and proud
3 tradition of having documents affecting title to real
4 property recorded locally within the offices of the 102
5 county clerks and recorders in which the real property is
6 situated; and
7 WHEREAS, The Illinois General Assembly finds that in
8 order to preserve the integrity of the county land records it
9 is necessary to maintain free and public access to all such
10 land records; and
11 WHEREAS, The Illinois General Assembly is aware of growing
12 and changing national and international markets in
13 land-secured financing, and of the development of electronic
14 data systems to service such national and international
15 markets; and
16 WHEREAS, The Illinois General Assembly understands that
17 Illinois mortgage financing of residential properties in
18 particular is dependent upon the national secondary mortgage
19 markets which affect the cost and availability of mortgage
20 funds for Illinois mortgage customers; and
21 WHEREAS, The Illinois General Assembly strongly supports
22 cooperation between the private sector and State and local
23 government agencies that provide necessary services that
24 support economic and financial enterprises in our free
25 enterprise system; and
26 WHEREAS, The Illinois General Assembly understands that
27 the Mortgage Electronic Registration System, Inc. (MERS
28 Inc.) has proposed to serve as a national clearinghouse for
29 electronic tracking of beneficial ownership and servicing
30 rights in mortgages after recording the mortgage and initial
31 assignment with the appropriate recorder of deeds in the
-2- SRS90SJ0001PMch
1 county in which the real property is situated; and
2 WHEREAS, The Illinois General Assembly does not envision
3 that any electronic system of mortgage registration will
4 replicate or replace current statutory requirements which
5 guide the physical recording of land title documents
6 affecting title to real property: therefore be it
7 RESOLVED, BY THE SENATE OF THE NINETIETH GENERAL ASSEMBLY
8 OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES
9 CONCURRING HEREIN, That the implementation of any electronic
10 system of mortgage registration in Illinois shall be carried
11 out in a fashion that will not impede these fundamental
12 guidelines for recording documents affecting title to real
13 property with the county clerk or recorder; and be it further
14 RESOLVED, That any electronic registry of loan
15 information shall not affect the current system of recording
16 documents affecting title to real property within the county
17 in which the real property is situated: and be it further
18 RESOLVED, That the General Assembly anticipates a close
19 monitoring and review of the impact of implementing an
20 electronic system of mortgage registration within Illinois in
21 conjunction with the Illinois Association of Clerks and
22 Recorders on an annual basis beginning in 1997; and be it
23 further
24 RESOLVED, That the General Assembly is prepared to
25 consider statutory protections through the legislative
26 process if there is any disruption to the current system of
27 recording documents affecting title to real property within
28 the State of Illinois; and be it further
29 RESOLVED, That a suitable copy of this resolution be
30 delivered to the Illinois Association of County Clerks and
31 Recorders.