Comments: IL SB1657 | 2019-2020 | 101st General Assembly

Bill Title: Amends the Mortgage Act. Adds a person authorized by the mortgagor, grantor, heir, legal representative, or assign to the list of those who may request that the mortgagee of real property shall make, execute, and deliver an instrument in writing releasing a mortgage or deed of trust. Provides that if any mortgagee or trustee shall not, within 30 days (rather than "one month") after the payment of the debt secured by the mortgage or trust deed complies with specific requirements, then he or she shall be liable for the sum of $200 to the aggrieved party. Provides that the successor in interest to the mortgagee or trustee shall not be liable for the $200 penalty if he or she complies with specific requirements within 30 days (rather than "one month") after succeeding to the interest.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Engrossed) 2019-06-28 - Rule 19(a) / Re-referred to Rules Committee [SB1657 Detail]

Text: Latest bill text (Engrossed) [HTML]

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