Mortgage Legislation - Illinois

CIVIL LAW-TECH Amends the Code of Civil Procedure. Makes a technical change in a Section concerning construction of the Code. Senate Floor Amendment No. 1 Deletes reference to: 735 ILCS 5/1-106Adds reference to: 735 ILCS 5/15-1701from Ch. 110, par. 15-1701 Deletes everything after the enacting clause. Amends the Code of Civil Procedure. Provides that in a mortgage foreclosure proceeding, where a timely written notice concerning rent payment was not given to the tenant, or where [...]

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HUMAN RTS, FAIRNESS IN LENDING Creates the Mortgage Steering Act. Prohibits mortgage loan steering or other specified fee and loan practices, based upon (i) the borrower's credit history, (ii) the borrower's capacity to repay the loan, and (iii) the property on which the loan is secured, because of that borrower’s race, gender, age, disability, or national origin. Provides that the Attorney General shall enforce the Act and grants the Attorney General the additional listed enforcement powers. Provides for injunctive relief, restitution, and civil penalties for violations of the Act. Provides that a person who suffers actual damages as a result of a violation of the Act by a lender may bring an action against that lender and may be awarded actual economic damages or any other relief that the court deems proper. Provides that any waiver or modification of the rights, provisions, or remedies of the Act shall be void and unenforceable. Senate Committee Amendment No. 1

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REAL EST-NOTICE OF SETTLEMENT Amends the Conveyances Act. Provides that a party to a real estate settlement that will convey legal or equitable title to real estate or any interest in real estate or create any lien on real estate by way of a mortgage may record a notice of real estate settlement with the recorder of deeds of the county in which the real estate is located. Permits the recorder of deeds to charge a fee for recording a notice of real estate settlement not to exceed the fee to record a federal tax lien. Provides the notice of real estate settlement form. Provides that, after the filing of a notice of real estate settlement, any person claiming title to, an interest in, or a lien upon the real estate described in the notice through any party in the notice shall be deemed to have acquired the title, interest, or lien with knowledge of the anticipated settlement and shall be subject to the terms, conditions, and provisions of the deed or mortgage between the parties [...]

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REAL PROP ELECTRONIC RECORDING Creates the Uniform Real Property Electronic Recording Act. Provides that a recorder may receive, index, store, archive, and transmit documents eligible to be recorded in the recorder's land records in the form of electronic documents, subject to certain requirements. Provides that, if a law requires a document eligible to be recorded in the recorder's land records to be an original, on paper or other tangible medium, or in writing, the requirement is satisfied by an electronic document satisfying the Act. Provides that, if a law requires that such a document be signed, the requirement is satisfied by an electronic signature. Provides that a requirement that a document or a signature be notarized, acknowledged, verified, witnessed, or made under oath is satisfied if the appropriate electronic signature and other required information is attached to or logically associated with the document or signature. Provides that the Illinois Electronic Recording [...]

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PROC CD-MORTGAGE INS Amends the Illinois Procurement Code. Provides that a contract for bond or mortgage insurance relating to housing may be entered into for any period of time less than or equal to the maximum period of time that the subject bonds or mortgage may remain outstanding. Effective immediately. House Amendment No. 1 Deletes everything after the enacting clause. Amends the Illinois Procurement Code. Provides that a contract for bond or mortgage insurance awarded by the Illinois Housing Development Authority may be entered into for any period of time less than or equal to the maximum period of time that the subject bond or mortgage may remain outstanding. Effective immediately. House Amendment No. 3 Adds reference to: 30 ILCS 575/2

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CIV PRO-FORECLOSE VOL DISMISS Amends the Code of Civil Procedure. Provides that when a plaintiff voluntarily dismisses a mortgage foreclosure action after a court found that a condominium or community association or another entity has a judgment against the defendant that is junior to the judgment entered in favor of the plaintiff, the plaintiff's voluntary dismissal of the foreclosure action shall not apply to the judgment that is junior to the plaintiff's judgment. House Amendment No. 3 Deletes reference to: 735 ILCS 5/15-1506.1 newAdds reference to: 735 ILCS [...]

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INSCODE-NOTICE Amends the Illinois Insurance Code. Provides that if an insurer fails to provide the notice required by this provision regarding terms, conditions, and premium between 30 and 60 days in advance of the expiration date on the policy declaration page, the current expiration date must be extended with no changes to allow 60 days notice of an increase in the premium of 30% or more (now, the company must extend the current policy under the same terms, conditions, and premium to allow 60 days notice of renewal and provide the actual renewal premium quotation and any change in coverage or deductible on the policy). Provides that if any insurer fails to provide at least 30 days notice prior to the expiration date on the policy declaration page, the insurer may not change any terms, conditions, or increase the premium by 30% or more for one full year of the renewal policy term. Also provides that if the policy is not mailed to the insured or the insured's agent prior to [...]

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IHDA-HOME PROTECTION PILOT Creates the Home Protection Pilot Program Act. Requires the Illinois Housing Development Authority to implement a pilot program to assist Illinois workers who have lost jobs as a result of changing economic conditions in Illinois when those workers are in need of assistance to avoid losing their homes to foreclosure. Provides that the Program shall include counties selected at the discretion of the Authority on the basis of increased rates of foreclosure, actual foreclosure filings, unemployment, the need of local counseling agencies for increased capacity to serve clients in need of assistance to avoid losing their homes to foreclosure, the availability of funding, and other factors the Authority determines to be relevant. Provides for loans to homeowners secured by liens on residential real property located in Illinois, and prohibits a mortgagee from engaging in certain conduct upon a mortgagor's filing of an application for loan assistance. Sets [...]

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CIVIL LAW-TECH Amends the Conveyances Act. Makes a technical change to a Section concerning deeds, mortgages, and other instruments. Senate Floor Amendment No. 2 Deletes reference to: 765 ILCS 5/30Adds reference to: 760 ILCS 5/5.4 new Deletes everything after the enacting clause. Amends the Trusts and Trustees Act. Provides that a spendthrift trust is created by a settlor who irrevocably transfers property to a trust having at least one State-authorized corporate trustee that [...]

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IHDA-FORECLOSURE COUNSELING Amends the Illinois Housing Development Act. Provides that the Illinois Housing Development Authority shall establish and administer a foreclosure prevention counseling program and shall use moneys in the Foreclosure Prevention Counseling Fund and funds appropriated for that purpose to make grants to HUD-certified counseling agencies for home-ownership education and foreclosure prevention counseling. Amends the State Finance Act. Creates the Foreclosure Prevention Counseling Fund and provides for allocation of moneys in the Fund. Provides for the payment of license fees of $3,700 annually, including the foreclosure prevention surcharge (instead of $2,700 annually). Amends the Residential Mortgage License Act of 1987. Provides that an application for a license or a license renewal on or after July 1, 2008, shall include payment of a foreclosure prevention surcharge of $1,000. Provides that the surcharge proceeds shall be deposited into the Foreclosure [...]

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BANKING-FEES/FUND TRANSFERS Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, the Illinois Credit Union Act, and the Residential Mortgage License Act of 1987. Defines "Secretary" as the Secretary of Financial and Professional Regulation, or a person authorized by the Secretary or by the Acts to act in the Secretary's stead and changes some provisions to reference the Secretary instead of the Commissioner of Banks and Real Estate or the Director of Financial Institutions. Allows the Secretary to adopt emergency and general rules to adjust regulatory rates in some Acts and decreases regulatory fees in other Acts. Provides that (1) the specified sum shall be transferred from the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund to the General Revenue Fund on the effective date of the amendatory Act; (2) the Governor may, during any fiscal year through January 10, 2011, from [...]

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