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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3480 Introduced 1/19/2022, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | SB3480 | | LRB102 24524 BMS 33758 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Banking Act is amended by adding |
| 5 | | Section 48.7 as follows:
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| 6 | | (205 ILCS 5/48.7 new) |
| 7 | | Sec. 48.7. Release of lien. A bank or financial |
| 8 | | institution that has provided a loan for the purchase of |
| 9 | | personal property and attached a lien on that property shall |
| 10 | | deliver to the lienee a certificate of release, for recording, |
| 11 | | within 10 days after receipt of total payment pursuant to the |
| 12 | | bank's or financial institution's written payoff statement.
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