104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB1443
 
Introduced 1/31/2025, by Sen. Michael E. Hastings
 
SYNOPSIS AS INTRODUCED:
 
765 ILCS 905/17 new
    Amends the Mortgage Act. Provides that the Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien. Provides that payment in full of a debt secured by a mortgage pursuant to a payoff statement, as defined in the Mortgage Certificate of Release Act, issued by or on behalf of the holder of the indebtedness extinguishes the lien of the mortgage. Effective immediately. 


LRB104 07581 JRC 17625 b

 
 
A BILL FOR
 
SB1443LRB104 07581 JRC 17625 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:
 
4    Section 5. The Mortgage Act is amended by adding Section 
517 as follows:
 
6    (765 ILCS 905/17 new)
7    Sec. 17. Notwithstanding any other provisions of this Act:
8        (1) The Act does not abrogate the Illinois common law 
9    that the payment in full of a debt secured by a mortgage 
10    extinguishes the lien.
11        (2) Payment in full of a debt secured by a mortgage 
12    pursuant to a payoff statement, as defined in Section 5 of 
13    the Mortgage Certificate of Release Act, issued by or on 
14    behalf of the holder of the indebtedness extinguishes the 
15    lien of the mortgage.
 
16    Section 99. Effective date. This Act takes effect upon 
17becoming law.