Sen. David Koehler
Filed: 4/20/2010
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1 | AMENDMENT TO HOUSE BILL 4778
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2 | AMENDMENT NO. ______. Amend House Bill 4778 on page 1, by | ||||||
3 | replacing lines 4 through 6 with the following:
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4 | "Section 1. Short title. This Act may be cited as the | ||||||
5 | Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
6 | Property Act. | ||||||
7 | Section 5. Findings and purpose. | ||||||
8 | (a) The General Assembly finds that there is a need to | ||||||
9 | clarify the legal status of manufactured homes affixed or to be | ||||||
10 | affixed to real property in the state.
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11 | (b) The purpose of this Act is to establish a clear | ||||||
12 | statutory procedure for converting to real property | ||||||
13 | manufactured homes that are affixed to such real property and | ||||||
14 | for the severance of manufactured homes from real property.
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15 | Section 10. Manufactured home; permanently affixed to real |
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1 | property. For the purposes of this Act, "manufactured home" | ||||||
2 | means a manufactured home as defined in subdivision (53) of | ||||||
3 | Section 9-102 of the Uniform Commercial Code. For purposes of | ||||||
4 | this Act, a manufactured home is "permanently affixed" if it is | ||||||
5 | anchored to real property by attachment to a permanent | ||||||
6 | foundation; constructed pursuant to applicable state and local | ||||||
7 | building codes and manufacturer specifications as provided in | ||||||
8 | 24 C.F.R. Part 3285; and connected to residential utilities | ||||||
9 | (such as water, gas, electricity, or sewer or septic service). | ||||||
10 | Notwithstanding the foregoing, for the purposes of 11 USC | ||||||
11 | 1322(b)(2), a manufactured home shall be deemed to be real | ||||||
12 | property. | ||||||
13 | Section 15. Record notice. To convey or voluntarily | ||||||
14 | encumber a manufactured home as real property, the following | ||||||
15 | conditions shall be met: | ||||||
16 | (1) the manufactured home shall be permanently affixed to | ||||||
17 | real property;
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18 | (2) the ownership interests in the manufactured home and | ||||||
19 | the real property to which the manufactured home is or shall be | ||||||
20 | permanently affixed shall be identical, provided, however, | ||||||
21 | that the owner of the manufactured home, if not the owner of | ||||||
22 | the real property, is in possession of the real property | ||||||
23 | pursuant to the terms of a lease in recordable form that has a | ||||||
24 | term that continues for at least 20 years after the date of | ||||||
25 | execution, and has the consent of the lessor of the real |
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1 | property;
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2 | (3) the person or persons having an ownership interest in | ||||||
3 | the manufactured home shall execute and record with the | ||||||
4 | recording officer of the county in which the real property is | ||||||
5 | located, an affidavit of affixation as provided in Section 20 | ||||||
6 | of this Act, and satisfy any other applicable requirements of | ||||||
7 | this Act; and
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8 | (4) upon receipt of a certified copy of the affidavit of | ||||||
9 | affixation pursuant to Section 30 of this Act, any person | ||||||
10 | designated therein for filing with the Secretary of State shall | ||||||
11 | file the certified copy of affidavit of affixation with the | ||||||
12 | Secretary of State. Except that:
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13 | (A) in a case described in subsection (a)(4)(A) of | ||||||
14 | Section 20 of this Act, a certified copy of the affidavit | ||||||
15 | of affixation and the original Manufacturer's Statement of | ||||||
16 | Origin, each as recorded in the county in which the real | ||||||
17 | property is located, shall be filed with the Secretary of | ||||||
18 | State pursuant to Section 3-116.1 of the Illinois Vehicle | ||||||
19 | Code;
and | ||||||
20 | (B) in a case described in subsection (a)(4)(B) of | ||||||
21 | Section 20 of this Act, a certified copy of the affidavit | ||||||
22 | of affixation as recorded in the county in which the real | ||||||
23 | property is located, and the original certificate of title | ||||||
24 | shall be filed with the Secretary of State pursuant to | ||||||
25 | Section 3-116.2 of the Illinois Vehicle Code. |
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1 | Section 20. Affidavit of affixation. | ||||||
2 | (a) An affidavit of affixation shall contain or be | ||||||
3 | accompanied by:
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4 | (1) the name of the manufacturer, the make, the model | ||||||
5 | name, the model year, the dimensions, the vehicle | ||||||
6 | identification number or numbers of the manufactured home, | ||||||
7 | and whether the manufactured home is new or used;
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8 | (2)(A) a statement that the party executing the | ||||||
9 | affidavit is the owner of the real property described | ||||||
10 | therein; or (B) if not the owner of the real property, (i) | ||||||
11 | a statement that the party executing the affidavit is in | ||||||
12 | possession of the real property pursuant to the terms of a | ||||||
13 | lease in recordable form that has a term that continues for | ||||||
14 | at least 20 years after the date of execution of the | ||||||
15 | affidavit, and (ii) the consent of the lessor of the real | ||||||
16 | property endorsed upon or attached to the affidavit and | ||||||
17 | acknowledged or proved in the manner as to entitle a | ||||||
18 | conveyance to be recorded;
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19 | (3) the street address and the legal description of the | ||||||
20 | real property to which the manufactured home is or shall be | ||||||
21 | permanently affixed;
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22 | (4) as applicable:
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23 | (A) if the manufactured home is not covered by a | ||||||
24 | certificate of title, including, if applicable, a | ||||||
25 | certificate of title issued in accordance with | ||||||
26 | subsection (b) of Section 3-109 of the Illinois Vehicle |
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1 | Code, a statement by the owner to that effect, and a | ||||||
2 | statement by the owner of the manufactured home that | ||||||
3 | the manufactured home is covered by a Manufacturer's | ||||||
4 | Statement of Origin, the date the Manufacturer's | ||||||
5 | Statement of Origin was issued, the vehicle | ||||||
6 | identification number or numbers of the manufactured | ||||||
7 | home, and a statement that annexed to the affidavit of | ||||||
8 | affixation is the original Manufacturer's Statement of | ||||||
9 | Origin for the manufactured home, duly endorsed to the | ||||||
10 | owner of the manufactured home, and that the owner of | ||||||
11 | the manufactured home shall surrender the | ||||||
12 | Manufacturer's Statement of Origin; | ||||||
13 | (B) if the manufactured home is covered by a | ||||||
14 | certificate of title, including, if applicable, a | ||||||
15 | certificate of title issued in accordance with | ||||||
16 | subsection (b) of Section 3-109 of the Illinois Vehicle | ||||||
17 | Code, a statement by the owner of the manufactured home | ||||||
18 | that the manufactured home is covered by a certificate | ||||||
19 | of title, the date the title was issued, the title | ||||||
20 | number, and that the owner of the manufactured home | ||||||
21 | shall surrender the title; | ||||||
22 | (5) a statement whether or not the manufactured home is | ||||||
23 | subject to one or more security interests or liens, and: | ||||||
24 | (A) if the manufactured home is subject to one or | ||||||
25 | more security interests or liens, the name and address | ||||||
26 | of each party holding a security interest in or lien on |
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1 | the manufactured home, including but not limited to, | ||||||
2 | each holder shown on any certificate of title issued by | ||||||
3 | the Secretary of State, if any; the original principal | ||||||
4 | amount secured by each security interest or lien; and a | ||||||
5 | statement that the security interest or lien shall be | ||||||
6 | released; or
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7 | (B) a statement that each security interest in or | ||||||
8 | lien on the manufactured home, if any, has been | ||||||
9 | released, together with due proof of each such release;
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10 | (6) a statement that the manufactured home is or shall | ||||||
11 | be permanently affixed to the real property; and
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12 | (7) the name and address of a person designated for | ||||||
13 | filing the certified copy of the affidavit of affixation | ||||||
14 | with the Secretary of State, to whom the recording officer | ||||||
15 | shall return the certified copy of the affidavit of | ||||||
16 | affixation after it has been duly recorded in the real | ||||||
17 | property records, as provided in Section 30 of this Act.
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18 | (b) An affidavit of affixation shall be in the form set | ||||||
19 | forth in subsection (c) of this Section, duly acknowledged or | ||||||
20 | proved in like manner as to entitle a conveyance to be | ||||||
21 | recorded, and when so acknowledged or proved and upon payment | ||||||
22 | of the lawful fees therefor, the recording officer shall | ||||||
23 | immediately cause the affidavit of affixation and any | ||||||
24 | attachments thereto to be duly recorded and indexed in the | ||||||
25 | record of deeds.
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26 | (c) An affidavit of affixation shall be in the form set |
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1 | forth below: | ||||||
2 | MANUFACTURED HOME | ||||||
3 | AFFIDAVIT OF AFFIXATION | ||||||
4 | STATE OF ........................) | ||||||
5 | )SS. | ||||||
6 | COUNTY OF .......................) | ||||||
7 | BEFORE ME, the undersigned Notary Public, on this day | ||||||
8 | personally appeared ......................... (type the | ||||||
9 | name(s) of each person signing this Affidavit) known to me to | ||||||
10 | be the person(s) whose name(s) is/are subscribed below (each a | ||||||
11 | "Homeowner"), and who, being by me first duly sworn, did each | ||||||
12 | on his or her oath state as follows: | ||||||
13 | 1. Homeowner owns the manufactured home ("Home") described as | ||||||
14 | follows: | ||||||
15 | ..................................................... | ||||||
16 | .............................. | ||||||
17 | (New/Used; Year; Manufacturer's Name; Model Name and Model | ||||||
18 | No.; Manufacturer's VIN No(s).; Length/Width) | ||||||
19 | 2. The Home was built in compliance with the federal | ||||||
20 | Manufactured Home Construction and Safety Standards Act. | ||||||
21 | 3. If Homeowner is the first retail buyer of the Home, | ||||||
22 | Homeowner is in receipt of (i) the manufacturer's warranty |
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1 | for the Home, (ii) the Consumer Manual for the Home, (iii) | ||||||
2 | the Insulation Disclosure for the Home, (iv) the | ||||||
3 | formaldehyde health notice, and (v) the Dispute Resolution | ||||||
4 | Disclosure required by 24 C.F.R. 3288.5. | ||||||
5 | 4. The street address of the real property to which the Home is | ||||||
6 | or shall be permanently affixed ("Property Address") is: | ||||||
7 | ............................................................. | ||||||
8 | (Street or Route; City; County; State; Zip Code) | ||||||
9 | 5. The legal description of the real property to which the Home | ||||||
10 | is or shall be permanently affixed ("Land") is: | ||||||
11 | .............. | ||||||
12 | .............................. | ||||||
13 | .............................. | ||||||
14 | .............................. | ||||||
15 | 6. Homeowner is the owner of the Land or, if not the owner of | ||||||
16 | the Land, is in possession of the Land pursuant to a lease | ||||||
17 | in recordable form that has a term that continues for at | ||||||
18 | least 20 years after the date of the execution of this | ||||||
19 | Affidavit, and the consent of the lessor is attached to | ||||||
20 | this Affidavit. | ||||||
21 | 7. The Home is or shall be assessed and taxed as an improvement | ||||||
22 | to the Land. | ||||||
23 | 8. As of the date of the execution of this Affidavit, or, if |
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1 | the Home is not yet located at the Property Address, upon | ||||||
2 | the delivery of the Home to the Property Address: | ||||||
3 | (a) All permits required by governmental authorities have | ||||||
4 | been obtained; | ||||||
5 | (b) The Home [ ] is [ ] shall be permanently affixed as | ||||||
6 | defined in Section 10 of the Conveyance and Encumbrance of | ||||||
7 | Manufactured Homes as Real Property Act; | ||||||
8 | (c) The wheels, axles, towbar, or hitch were removed when | ||||||
9 | the Home was placed on the Property Address; and | ||||||
10 | (d) The Home has the characteristics of site-built housing | ||||||
11 | and is part of the Land. | ||||||
12 | 9. The Home [ ] was [ ] was not permanently affixed before | ||||||
13 | January 1, 2011. | ||||||
14 | 10. If Homeowner is the owner of the Land, any conveyance or | ||||||
15 | financing of the Home and the Land shall be a single | ||||||
16 | transaction under applicable State law. | ||||||
17 | 11. The Home is subject to the following security interests or | ||||||
18 | liens: | ||||||
19 | Name of Lienholder: ................ | ||||||
20 | Address: ................ | ||||||
21 | Original Principal: ............ | ||||||
22 | Amount Secured: ............................................. | ||||||
23 | Name of Lienholder: ................ | ||||||
24 | Address: ................ |
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1 | Original Principal: ............ | ||||||
2 | Amount Secured: ............................................. | ||||||
3 | 12. Other than those disclosed in this Affidavit, Homeowner is | ||||||
4 | not aware of (i) any other security interest, claim, lien | ||||||
5 | or encumbrance affecting the Home or (ii) any other facts | ||||||
6 | or information that could reasonably affect the validity of | ||||||
7 | the title of the Home or the existence or non-existence of | ||||||
8 | security interests in it. | ||||||
9 | 13. A release of lien from each of the lienholders identified | ||||||
10 | in paragraph 11 of this Affidavit [] has been [] shall be | ||||||
11 | delivered to the Secretary of State. | ||||||
12 | 14. Homeowner shall initial only one of the following, as it | ||||||
13 | applies to the Home: | ||||||
14 | [] The Home is not covered by a certificate of title. The | ||||||
15 | Home is covered by a Manufacturer's Statement of Origin, | ||||||
16 | issued on the ...... of .........., ....., manufacturer's | ||||||
17 | vehicle identification number ........................, which | ||||||
18 | Homeowner shall surrender. The original Manufacturer's | ||||||
19 | Statement of Origin, duly endorsed to Homeowner, is attached | ||||||
20 | to this Affidavit. | ||||||
21 | [] The Home is covered by a certificate of title issued | ||||||
22 | on the ....... of .........., ......, title number | ||||||
23 | ........................, which Homeowner shall surrender. | ||||||
24 | 15. Homeowner designates the following person to file a | ||||||
25 | certified copy of this Affidavit with the Secretary of |
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1 | State, and the person to whom the Recorder shall return a | ||||||
2 | certified copy of this Affidavit after it has been duly | ||||||
3 | recorded in the real property records: | ||||||
4 | Name: .............................................. | ||||||
5 | Address: ................................................ | ||||||
6 | 16. This Affidavit is executed by Homeowner pursuant to Section | ||||||
7 | 20 of the Conveyance and Encumbrance of Manufactured Homes | ||||||
8 | as Real Property Act. | ||||||
9 |
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10 | IN WITNESS WHEREOF, Homeowner(s) has/have executed this | ||||||
11 | Affidavit in my presence and in the presence of the | ||||||
12 | undersigned witnesses on this ...... day of ......, ......
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13 | ...........................(SEAL) .......................... | ||||||
14 | Homeowner #1 Witness | ||||||
15 | ........................... | ||||||
16 | Printed Name | ||||||
17 | ...........................(SEAL) .......................... | ||||||
18 | Homeowner #2 Witness | ||||||
19 | ........................... | ||||||
20 | Printed Name | ||||||
21 | ...........................(SEAL) .......................... |
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1 | Homeowner #3 Witness | ||||||
2 | ........................... | ||||||
3 | Printed Name | ||||||
4 | ...........................(SEAL) .......................... | ||||||
5 | Homeowner #4 Witness | ||||||
6 | ........................... | ||||||
7 | Printed Name | ||||||
8 | STATE OF .........................) | ||||||
9 | ) SS. | ||||||
10 | COUNTY OF ........................) | ||||||
11 | The foregoing instrument was acknowledged before me this | ||||||
12 | (date) by (name(s) of person(s) who acknowledged). | ||||||
13 | .......................... Notary Public | ||||||
14 | Signature | ||||||
15 | My commission expires: ................... | ||||||
16 | Official Seal: | ||||||
17 | ATTENTION RECORDER: This instrument covers goods that are | ||||||
18 | or are to become fixtures on the Property described herein and | ||||||
19 | is to be filed for record in the records where conveyances of | ||||||
20 | real estate are recorded. |
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1 | Section 25. Disposition of liens. Neither the act of | ||||||
2 | permanently affixing a manufactured home to real property, nor | ||||||
3 | the recording of the affidavit of affixation shall impair the | ||||||
4 | rights of any holder of a security interest in or lien on a | ||||||
5 | manufactured home that was perfected as provided in Section | ||||||
6 | 3-202 of the Illinois Vehicle Code, unless and until an | ||||||
7 | application to (i) surrender the title, as provided in Section | ||||||
8 | 3-116.2 of the Illinois Vehicle Code, and (ii) release the | ||||||
9 | security interest or lien, as provided in Section 3-205 of the | ||||||
10 | Illinois Vehicle Code, has been duly filed with and accepted by | ||||||
11 | the Secretary of State. Upon the filing of the release, such | ||||||
12 | perfected security interest or lien is terminated. The | ||||||
13 | recording of an affidavit of affixation does not change the | ||||||
14 | character of any security interest or lien noted on a | ||||||
15 | certificate of title, and no recording tax shall be imposed at | ||||||
16 | the time an affidavit of affixation is recorded upon any | ||||||
17 | security interest in or lien on a manufactured home perfected | ||||||
18 | under Section 3-202 of the Illinois Vehicle Code. | ||||||
19 | Section 30. Notice to Secretary of State. Upon payment of | ||||||
20 | the fees provided by law and recordation of the affidavit of | ||||||
21 | affixation, the recording officer shall endorse the affidavit | ||||||
22 | as "recorded in land records", setting forth thereon the | ||||||
23 | indexing information for the affidavit of affixation; and the | ||||||
24 | recording officer shall forthwith forward a certified copy of |
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1 | the affidavit of affixation and all attachments thereto to the | ||||||
2 | person designated therein for filing with the Secretary of | ||||||
3 | State. Upon receipt of a certified copy of the affidavit of | ||||||
4 | affixation by the person designated therein for filing with the | ||||||
5 | Secretary of State, that person shall forthwith deliver for | ||||||
6 | filing to the Secretary of State the certified copy of the | ||||||
7 | affidavit of affixation and other documents as provided in | ||||||
8 | subsection (4) of Section 15 of this Act. | ||||||
9 | Section 35. Effect of recorded affidavit of affixation. A | ||||||
10 | manufactured home shall be deemed to be real property when all | ||||||
11 | of the following events have occurred:
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12 | (a) the manufactured home is permanently affixed to land as | ||||||
13 | provided in Section 10 of this Act;
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14 | (b) an affidavit of affixation conforming to the | ||||||
15 | requirements of Section 20 of this Act has been recorded;
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16 | (c) a certified copy of the affidavit of affixation has | ||||||
17 | been delivered for filing to the Secretary of State as provided | ||||||
18 | in Section 30 of this Act; and
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19 | (d) the requirements of Section 3-116.1 or 3-116.2 of the | ||||||
20 | Illinois Vehicle Code, as applicable, have been satisfied.
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21 | Section 40. Conveyance and encumbrance as real property. | ||||||
22 | Upon the satisfaction of the requirements of Section 35 of this | ||||||
23 | Act and, as applicable, the requirements of Section 3-116.1 or | ||||||
24 | 3-116.2 of the Illinois Vehicle Code, the manufactured home |
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1 | shall be deemed to be real property; any mortgage, deed of | ||||||
2 | trust, lien or security interest which can attach to land and | ||||||
3 | buildings erected thereon or fixtures affixed thereto shall | ||||||
4 | attach as of the date of its recording in the same manner as if | ||||||
5 | the manufactured home were built from ordinary building | ||||||
6 | materials on site; title to the manufactured home shall be | ||||||
7 | transferred by deed or other form of conveyance that is | ||||||
8 | effective to transfer an interest in real property, together | ||||||
9 | with the land to which the structure has been affixed; and the | ||||||
10 | manufactured home shall be deemed to be real property and shall | ||||||
11 | be governed by the laws applicable to real property. | ||||||
12 | Section 45. Manufactured home that remains personal | ||||||
13 | property or a fixture. Except as provided in Sections 20, 30, | ||||||
14 | 35, and 40 of this Act, an affidavit of affixation is not | ||||||
15 | necessary or effective to convey or encumber a manufactured | ||||||
16 | home or to change the character of a manufactured home to real | ||||||
17 | property. Every conveyance of land upon which is located a | ||||||
18 | manufactured home for which no affidavit of affixation has been | ||||||
19 | recorded or for which an affidavit of severance has been | ||||||
20 | recorded, shall contain a recital that such conveyance does not | ||||||
21 | affect the title to the manufactured home and that the transfer | ||||||
22 | or encumbrance thereof can only be made pursuant to the | ||||||
23 | provisions of the Illinois Vehicle Code. Any agreement by any | ||||||
24 | party to the transaction whereby the requirements of this | ||||||
25 | Section are waived shall be void as contrary to public policy. |
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1 | Section 50. Applicability. Nothing in this Act shall impair | ||||||
2 | any rights existing under the law prior to the effective date | ||||||
3 | of this Act of anyone claiming an interest in a manufactured | ||||||
4 | home. | ||||||
5 | Section 55. Affidavit of severance. | ||||||
6 | (a) If and when a manufactured home for which an affidavit | ||||||
7 | of affixation has been recorded is detached or severed from the | ||||||
8 | real property to which it is affixed, the person or persons | ||||||
9 | having an interest in the real property shall record an | ||||||
10 | affidavit of severance in the land records of the county where | ||||||
11 | the affidavit of affixation for the manufactured home is | ||||||
12 | recorded. The affidavit of severance shall contain or be | ||||||
13 | accompanied by:
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14 | (1) the name, residence, and mailing address of the | ||||||
15 | owner of the manufactured home;
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16 | (2) a description of the manufactured home including | ||||||
17 | the name of the manufacturer, the make, the model name, the | ||||||
18 | model year, the dimensions, the vehicle identification | ||||||
19 | number or numbers of the manufactured home, and whether it | ||||||
20 | is new or used;
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21 | (3) the book number, page number, and date of | ||||||
22 | recordation of the affidavit of affixation;
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23 | (4) a statement of either (A) any facts or information | ||||||
24 | known to the party executing the affidavit that could |
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1 | reasonably affect the validity of the title of the | ||||||
2 | manufactured home or the existence or non-existence of a | ||||||
3 | security interest in or lien on it, or (B) that no such | ||||||
4 | facts or information are known to such party; and | ||||||
5 | (5) the name and address of the person designated for | ||||||
6 | filing the certified copy of the affidavit of severance | ||||||
7 | with the Secretary of State, to whom the recording officer | ||||||
8 | shall return the certified copy of the affidavit of | ||||||
9 | severance after it has been duly recorded in the real | ||||||
10 | property records, as provided in subsection (d) of this | ||||||
11 | Section.
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12 | (b) The affidavit of severance shall be in the form set | ||||||
13 | forth in subsection (c) of this Section, duly acknowledged or | ||||||
14 | proved in like manner as to entitle a conveyance to be | ||||||
15 | recorded, and when so acknowledged or proved and upon payment | ||||||
16 | of the lawful fees therefor, such recording officer shall | ||||||
17 | immediately cause the affidavit and any attachments thereto to | ||||||
18 | be duly recorded and indexed in the record of deeds.
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19 | (c) An affidavit of severance shall be in the form set | ||||||
20 | forth below: | ||||||
21 | MANUFACTURED HOME | ||||||
22 | AFFIDAVIT OF SEVERANCE | ||||||
23 | STATE OF .........................) | ||||||
24 | )SS. |
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1 | COUNTY OF ........................) | ||||||
2 | BEFORE ME, the undersigned notary public, on this day | ||||||
3 | personally appeared ................... (type the name(s) of | ||||||
4 | each person signing this Affidavit) known to me to be the | ||||||
5 | person(s) whose name(s) is/are subscribed below (each an | ||||||
6 | "Affiant"), and who, being by me first duly sworn, did each on | ||||||
7 | his or her oath state as follows: | ||||||
8 | 1. The owner(s) of the manufactured home described below | ||||||
9 | reside(s) at the following address: | ||||||
10 | .......................... | ||||||
11 | (Street or Route; City; County; State; Zip Code) | ||||||
12 | Mailing address, if different: | ||||||
13 | ............................... | ||||||
14 | (Street or Route; City; County; State; Zip Code) | ||||||
15 | 2. The manufactured home which is the subject of this Affidavit | ||||||
16 | ("Home") is described as follows: | ||||||
17 | ............................ | ||||||
18 | (New/Used; Year; Manufacturer's Name; Model Name and Model | ||||||
19 | No.; Manufacturer's VIN No(s).; Length/Width) | ||||||
20 | 3. The Home was severed from the following address ("Land"): | ||||||
21 | . |
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1 | (Street or Route; City; County; State; Zip Code) | ||||||
2 | 4. An Affidavit of Affixation was duly recorded in the land | ||||||
3 | records of the county in which the Land is located on | ||||||
4 | (date) ............., in book number ...... at page | ||||||
5 | number ..... | ||||||
6 | 5. Affiant is the owner of the Land or, if not the owner of | ||||||
7 | the Land, is in possession of the Land pursuant to a | ||||||
8 | lease in recordable form, and the consent of the lessor | ||||||
9 | is attached to this Affidavit. | ||||||
10 | 6. The Home is subject to the following security interests: | ||||||
11 | Name of Lienholder: ................ | ||||||
12 | Address: ................ | ||||||
13 | Original Principal: ............ | ||||||
14 | Amount Secured: ............................................. | ||||||
15 | Name of Lienholder: ................ | ||||||
16 | Address: ................ | ||||||
17 | Original Principal: ............ | ||||||
18 | Amount Secured: ............................................. | ||||||
19 | 7. Other than those disclosed in this Affidavit, Affiant is | ||||||
20 | not aware of (i) any other security interest, claim, lien | ||||||
21 | or encumbrance affecting the Home, or (ii) any other | ||||||
22 | facts or information that could reasonably affect the |
| |||||||
| |||||||
1 | validity of the title of the Home or the existence or | ||||||
2 | non-existence of security interests in it. | ||||||
3 | 8. A release of lien from each of the lienholders identified | ||||||
4 | in paragraph 6 of this Affidavit [] has been [] shall be | ||||||
5 | delivered to the Secretary of State. | ||||||
6 | 9. Affiant designates the following person to file a | ||||||
7 | certified copy of this Affidavit with the Secretary of | ||||||
8 | State, and the person to whom the Recorder shall return a | ||||||
9 | certified copy of this Affidavit after it has been duly | ||||||
10 | recorded in the real property records: | ||||||
11 | Name: ............................................... | ||||||
12 | Address: ................................................ | ||||||
13 | 10. This Affidavit is executed by Affiant pursuant to Section | ||||||
14 | 55 of the Conveyance and Encumbrance of Manufactured | ||||||
15 | Homes as Real Property Act. | ||||||
16 |
| ||||||
17 | IN WITNESS WHEREOF, Affiant(s) has/have executed this | ||||||
18 | Affidavit in my presence and in the presence of the | ||||||
19 | undersigned witnesses on this ....... day of | ||||||
20 | ................, .......
| ||||||
21 | |||||||
22 | ...........................(SEAL) .......................... | ||||||
23 | Homeowner #1 Witness | ||||||
24 | ........................... | ||||||
25 | Printed Name |
| |||||||
| |||||||
1 | ...........................(SEAL) .......................... | ||||||
2 | Homeowner #2 Witness | ||||||
3 | ........................... | ||||||
4 | Printed Name | ||||||
5 | ...........................(SEAL) .......................... | ||||||
6 | Homeowner #3 Witness | ||||||
7 | ........................... | ||||||
8 | Printed Name | ||||||
9 | ...........................(SEAL) .......................... | ||||||
10 | Homeowner #4 Witness | ||||||
11 | ........................... | ||||||
12 | Printed Name | ||||||
13 | STATE OF .........................) | ||||||
14 | ) SS. | ||||||
15 | COUNTY OF ........................) | ||||||
16 | The foregoing instrument was acknowledged before me this | ||||||
17 | (date) by (name(s) of person(s) who acknowledged). | ||||||
18 | .......................... Notary Public | ||||||
19 | Signature | ||||||
20 | My commission expires: ................... |
| |||||||
| |||||||
1 | Official Seal: | ||||||
2 | ATTENTION RECORDER: This instrument covers goods that had been | ||||||
3 | fixtures on the Property described herein and is to be filed | ||||||
4 | for record in the records where conveyances of real estate are | ||||||
5 | recorded. | ||||||
6 | (d) Upon payment of the fees provided by law and | ||||||
7 | recordation of the affidavit of severance, the recording | ||||||
8 | officer shall endorse the affidavit as "recorded in land | ||||||
9 | records," setting forth thereon the indexing information for | ||||||
10 | the affidavit of severance, and the recording officer shall | ||||||
11 | forthwith forward a certified copy of the affidavit of | ||||||
12 | severance to the person designated therein for filing with the | ||||||
13 | Secretary of State. Upon receipt of a certified copy of the | ||||||
14 | affidavit of severance by the person designated therein for | ||||||
15 | filing with the Secretary of State, that person shall deliver | ||||||
16 | for filing to the Secretary of State the certified copy of the | ||||||
17 | affidavit of severance and the other documents provided in | ||||||
18 | subsection (a) of this Section together with an application for | ||||||
19 | a certificate of title to the manufactured home, to be issued | ||||||
20 | in accordance with subsection (b) of Section 3-109 of the | ||||||
21 | Illinois Vehicle Code.
| ||||||
22 | Section 60. Documents in trust. | ||||||
23 | (a) Manufacturer's statement of origin. The holder of a |
| |||||||
| |||||||
1 | Manufacturer's Statement of Origin to a manufactured home may | ||||||
2 | deliver it to any person to facilitate conveying or encumbering | ||||||
3 | the home. Any person receiving the Manufacturer's Statement of | ||||||
4 | Origin, so delivered, holds it in trust for the person | ||||||
5 | delivering it.
| ||||||
6 | (b) Lien release. The holder of a security interest in a | ||||||
7 | manufactured home may deliver lien release documents to any | ||||||
8 | person to facilitate conveying or encumbering the home. Any | ||||||
9 | person receiving the lien release documents, so delivered, | ||||||
10 | holds the documents in trust for the lienholder.
| ||||||
11 | Section 65. The Mobile Home Local Services Tax Act is | ||||||
12 | amended by changing Section 1 as follows:
| ||||||
13 | (35 ILCS 515/1) (from Ch. 120, par. 1201)
| ||||||
14 | Sec. 1.
As used in this Act, "mobile home" means a factory | ||||||
15 | assembled
structure designed for permanent habitation and so | ||||||
16 | constructed as to permit its
transport on wheels, temporarily | ||||||
17 | or permanently attached to its frame, from the
place of its | ||||||
18 | construction to the location, or subsequent locations, and
| ||||||
19 | placement on a temporary foundation, at which it is intended to | ||||||
20 | be a permanent
habitation, and situated so as to permit the | ||||||
21 | occupancy thereof as a dwelling
place for one or more persons , | ||||||
22 | and includes a manufactured home as defined in paragraph (53) | ||||||
23 | of Section 9-102 of the Uniform Commercial Code , provided that | ||||||
24 | any such structure resting in
whole on a permanent foundation, |
| |||||||
| |||||||
1 | with wheels, tongue and hitch removed at the
time of | ||||||
2 | registration provided for in Section 4 of this Act, shall not | ||||||
3 | be
construed as a "mobile home", but shall be assessed and | ||||||
4 | taxed as real property
as defined by Section 1-130 of the | ||||||
5 | Property Tax Code. A manufactured home as defined in paragraph | ||||||
6 | (53) of Section 9-102 of the Uniform Commercial Code that is | ||||||
7 | real property as defined in Section 40 of the Conveyance and | ||||||
8 | Encumbrance of Manufactured Homes as Real Property Act, shall | ||||||
9 | not be construed as a "mobile home", but shall be assessed and | ||||||
10 | taxed as real property as defined by Section 1-130 of the | ||||||
11 | Property Tax Code. Mobile homes owned by a
corporation or | ||||||
12 | partnership and on which personal property taxes are paid as
| ||||||
13 | required under the Revenue Act of 1939 shall not be subject to | ||||||
14 | this tax. Mobile
homes located on a dealer's lot for resale | ||||||
15 | purposes or as an office shall not
be subject to this tax.
| ||||||
16 | (Source: P.A. 88-670, eff. 12-2-94.)
| ||||||
17 | Section 70. The Illinois Banking Act is amended by changing | ||||||
18 | Sections 3, 5a, 5d, and 6.1 as follows:
| ||||||
19 | (205 ILCS 5/3) (from Ch. 17, par. 309)
| ||||||
20 | Sec. 3. Formation and primary powers. It shall be lawful to | ||||||
21 | form banks,
as herein provided, for the purpose of discount and | ||||||
22 | deposit, buying and
selling exchange and doing a general | ||||||
23 | banking business, excepting the
issuing of bills to circulate | ||||||
24 | as money; and such banks shall have the power
to loan money on |
| |||||||
| |||||||
1 | personal and real estate security, and to accept and execute
| ||||||
2 | trusts upon obtaining a certificate of authority pursuant to | ||||||
3 | the "Corporate
Fiduciary Act", and shall be subject to all of | ||||||
4 | the provisions of this Act. For purposes of this Section, "real | ||||||
5 | estate" includes a manufactured home as defined in paragraph | ||||||
6 | (53) of Section 9-102 of the Uniform Commercial Code that is | ||||||
7 | real property as defined in Section 40 of the Conveyance and | ||||||
8 | Encumbrance of Manufactured Homes as Real Property Act.
| ||||||
9 | (Source: P.A. 85-1402.)
| ||||||
10 | (205 ILCS 5/5a) (from Ch. 17, par. 312)
| ||||||
11 | Sec. 5a. Reverse mortgage loans. Notwithstanding any other | ||||||
12 | provision of
this Act, a bank may engage in making "reverse | ||||||
13 | mortgage" loans.
| ||||||
14 | For purposes of this Section, a "reverse mortgage" loan | ||||||
15 | shall be a loan
extended on the basis of existing equity in | ||||||
16 | homestead property. A bank,
in making a "reverse mortgage" | ||||||
17 | loan, may add deferred interest to principal
or otherwise | ||||||
18 | provide for the charging of interest or premium on the deferred
| ||||||
19 | interest.
| ||||||
20 | The loans shall be repaid upon sale of the property or upon | ||||||
21 | the death
of the owner or, if the property is in joint tenancy, | ||||||
22 | upon the death of
the last surviving joint tenant who had an | ||||||
23 | interest in the property
at the time the loan was initiated.
| ||||||
24 | "Homestead" property, for purposes of this Section, means | ||||||
25 | the domicile
and contiguous real estate owned and occupied by |
| |||||||
| |||||||
1 | the mortgagor , and includes a manufactured home as defined in | ||||||
2 | paragraph (53) of Section 9-102 of the Uniform Commercial Code | ||||||
3 | that is used as the domicile and is real property as defined in | ||||||
4 | Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
5 | Homes as Real Property Act .
| ||||||
6 | The Commissioner of Banks and Real Estate shall
prescribe | ||||||
7 | rules governing this Section and
Section 1-6a of the Illinois | ||||||
8 | Savings and Loan Act of 1985.
| ||||||
9 | (Source: P.A. 88-643, eff. 1-1-95; 89-508, eff. 7-3-96.)
| ||||||
10 | (205 ILCS 5/5d) (from Ch. 17, par. 312.3)
| ||||||
11 | Sec. 5d.
Notwithstanding any other provision of this Act, a | ||||||
12 | bank may
engage in making revolving credit loans secured by | ||||||
13 | mortgages or deeds of
trust on real property or by security | ||||||
14 | assignments of beneficial interests
in land trusts.
| ||||||
15 | For purposes of this Section, "revolving credit", has the | ||||||
16 | meaning defined
in Section 4.1 of "An Act in relation to the | ||||||
17 | rate of interest and other
charges in connection with sales on | ||||||
18 | credit and the lending of money", approved
May 24, 1879, as | ||||||
19 | amended.
| ||||||
20 | Any mortgage or deed of trust given to secure a revolving | ||||||
21 | credit loan may,
and when so expressed therein shall, secure | ||||||
22 | not only the existing indebtedness,
but also such future | ||||||
23 | advances, whether such advances are obligatory or to
be made at | ||||||
24 | the option of the lender, or otherwise, as are made within | ||||||
25 | twenty
years from the date thereof, to the same extent as if |
| |||||||
| |||||||
1 | such future advances
were made on the date of the execution of | ||||||
2 | such mortgage or deed of trust,
although there may be no | ||||||
3 | advance made at the time of execution of such mortgage
or other | ||||||
4 | instrument, and although there may be no indebtedness | ||||||
5 | outstanding
at the time any advance is made. The lien of such | ||||||
6 | mortgage or deed of
trust, as to third persons without actual | ||||||
7 | notice thereof, shall be valid as
to all such indebtedness and | ||||||
8 | future advances from the time said mortgage or
deed of trust is | ||||||
9 | filed for record in the office of the Recorder of Deeds or
the | ||||||
10 | Registrar of Titles of the county where the real property | ||||||
11 | described
therein is located. The total amount of indebtedness | ||||||
12 | that may be so
secured may increase or decrease from time to | ||||||
13 | time, but the total unpaid
balance so secured at any one time | ||||||
14 | shall not exceed a maximum principal
amount which must be | ||||||
15 | specified in such mortgage or deed of trust, plus
interest | ||||||
16 | thereon, and any disbursements made for the payment of taxes,
| ||||||
17 | special assessments, or insurance on said real property, with | ||||||
18 | interest on
such disbursements.
| ||||||
19 | Any such mortgage or deed of trust shall be valid and have | ||||||
20 | priority over
all subsequent liens and encumbrances, including | ||||||
21 | statutory liens, except
taxes and assessments levied on said | ||||||
22 | real property.
| ||||||
23 | For purposes of this Section, "real property" includes a | ||||||
24 | manufactured home as defined in paragraph (53) of Section 9-102 | ||||||
25 | of the Uniform Commercial Code that is real property as defined | ||||||
26 | in Section 40 of the Conveyance and Encumbrance of Manufactured |
| |||||||
| |||||||
1 | Homes as Real Property Act. | ||||||
2 | (Source: P.A. 83-1539; 83-1380.)
| ||||||
3 | (205 ILCS 5/6.1) (from Ch. 17, par. 313.1)
| ||||||
4 | Sec. 6.1. Non-recourse reverse mortgage loans.
| ||||||
5 | (a) It is the intent of this amendatory Act of 1991 that | ||||||
6 | homeowners at
least 62 years of age be permitted to meet their | ||||||
7 | financial needs by
accessing the equity in their homes through | ||||||
8 | a reverse mortgage. The
General Assembly recognizes that many | ||||||
9 | restrictions and requirements that
exist to govern traditional | ||||||
10 | mortgage transactions are inapplicable in the
context of | ||||||
11 | reverse mortgages. In order to foster reverse mortgage
| ||||||
12 | transactions and better serve the citizens of this State, this | ||||||
13 | Section
authorizes the making of reverse mortgages, and | ||||||
14 | expressly relieves reverse
mortgage lenders and borrowers from | ||||||
15 | compliance with inappropriate requirements.
| ||||||
16 | As used in this Section, "borrower" means any homeowner who | ||||||
17 | is, or whose
spouse is, at least 62 years of age.
| ||||||
18 | As used in this Section, "real property" includes a | ||||||
19 | manufactured home as defined in paragraph (53) of Section 9-102 | ||||||
20 | of the Uniform Commercial Code that is real property as defined | ||||||
21 | in Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
22 | Homes as Real Property Act. | ||||||
23 | As used in this Section, "reverse mortgage" means a | ||||||
24 | non-recourse loan,
secured by real property, that complies with | ||||||
25 | all of the following:
|
| |||||||
| |||||||
1 | (1) Provides cash advances to a borrower based on the | ||||||
2 | equity in a
borrower's owner-occupied principal residence, | ||||||
3 | provided that it is a
residence designed to be occupied by | ||||||
4 | not more than 4 families.
| ||||||
5 | (2) Requires no payment of principal or interest until | ||||||
6 | the entire loan
becomes due and payable.
| ||||||
7 | (b) Reverse mortgage loans shall be subject only to all of | ||||||
8 | the following
provisions:
| ||||||
9 | (1) Payment, in whole or in part, shall be permitted | ||||||
10 | without penalty
at any time during the term of the | ||||||
11 | mortgage.
| ||||||
12 | (2) A reverse mortgage may provide for an interest rate | ||||||
13 | that is fixed
or adjustable and may provide for interest | ||||||
14 | that is contingent on
appreciation in the value of the | ||||||
15 | property.
| ||||||
16 | (3) If a reverse mortgage provides for periodic | ||||||
17 | advances to a
borrower, the advances may not be reduced in | ||||||
18 | amount or number based on any
adjustment in the interest | ||||||
19 | rate.
| ||||||
20 | (4) A reverse mortgage may be subject to any additional | ||||||
21 | terms and
conditions imposed by a lender that are required | ||||||
22 | under the provisions of
the federal Housing and Community | ||||||
23 | Development Act of 1987 to enable the
lender to obtain | ||||||
24 | federal government insurance on the mortgage if the loans
| ||||||
25 | are to be insured under that Act.
| ||||||
26 | (c) The repayment obligation under a reverse mortgage is |
| |||||||
| |||||||
1 | subject to all
of the following:
| ||||||
2 | (1) Temporary absences from the home not exceeding 60 | ||||||
3 | consecutive days
shall not cause the mortgage to become due | ||||||
4 | and payable.
| ||||||
5 | (2) Temporary absences from the home exceeding 60 days, | ||||||
6 | but not
exceeding one year shall not cause the mortgage to | ||||||
7 | become due and payable,
provided that the borrower has | ||||||
8 | taken action that secures the home in a
manner satisfactory | ||||||
9 | to the lender.
| ||||||
10 | (3) The lender must disclose any interest or other fees | ||||||
11 | to be charged
during the period that commences on the date | ||||||
12 | the mortgage becomes due and
payable and ends when | ||||||
13 | repayment in full is made in accordance with
applicable | ||||||
14 | State and federal laws, rules, and regulations.
| ||||||
15 | (d) A reverse mortgage shall become due and payable upon | ||||||
16 | the occurrence
of any of the following events:
| ||||||
17 | (1) The real property securing the loan is sold.
| ||||||
18 | (2) All borrowers cease to occupy the home as a | ||||||
19 | principal residence.
| ||||||
20 | (3) A fixed maturity date agreed to by the lender and | ||||||
21 | the borrower
is reached.
| ||||||
22 | (4) An event that is specified in the loan documents | ||||||
23 | and that
jeopardizes the lender's security occurs.
| ||||||
24 | (e) No reverse mortgage commitment may be made by a lender | ||||||
25 | unless the
loan applicant attests, in writing, that the | ||||||
26 | applicant has received from
the lender, at the time of initial |
| |||||||
| |||||||
1 | inquiry, a statement prepared by the
Department on Aging | ||||||
2 | regarding the advisability and availability of
independent | ||||||
3 | information and counseling services on reverse mortgages.
| ||||||
4 | (Source: P.A. 87-488.)
| ||||||
5 | Section 75. The Illinois Savings and Loan Act of 1985 is | ||||||
6 | amended by changing Sections 1-10.30 and 5-2 as follows:
| ||||||
7 | (205 ILCS 105/1-10.30) (from Ch. 17, par. 3301-10.30)
| ||||||
8 | Sec. 1-10.30. "Real property": the interests, benefits, | ||||||
9 | and rights inherent
in the ownership of the physical real | ||||||
10 | estate. It is the rights with which
the ownership of real | ||||||
11 | estate is endowed. Real property includes a manufactured home | ||||||
12 | as defined in paragraph (53) of Section 9-102 of the Uniform | ||||||
13 | Commercial Code that is real property as defined in Section 40 | ||||||
14 | of the Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
15 | Property Act. For purposes of this Act, the
term "Real Estate" | ||||||
16 | is synonymous with "Real Property".
| ||||||
17 | (Source: P.A. 84-543.)
| ||||||
18 | (205 ILCS 105/5-2) (from Ch. 17, par. 3305-2)
| ||||||
19 | Sec. 5-2. Investment in loans. An association may
loan | ||||||
20 | funds to members as follows:
| ||||||
21 | (a) On the security of withdrawable capital accounts, but | ||||||
22 | no such
loan shall exceed the withdrawal value of the pledged | ||||||
23 | account;
|
| |||||||
| |||||||
1 | (b) On the security of real estate:
| ||||||
2 | (1) Of a value, determined in accordance with Section 5-12 | ||||||
3 | of this
Act, sufficient to provide good and ample security for | ||||||
4 | the loan;
| ||||||
5 | (2) With a fee simple title or a leasehold title of not | ||||||
6 | less duration
than 10 years beyond the maturity of the loan;
| ||||||
7 | (3) With the title established by such evidence of title as | ||||||
8 | is
consistent with sound lending practices in the locality;
| ||||||
9 | (4) With the security interest in such real estate | ||||||
10 | evidenced by an
appropriate written instrument and the loan | ||||||
11 | evidenced by a note, bond or
similar written instrument. A loan | ||||||
12 | on the security of the whole of the
beneficial interest in a | ||||||
13 | land trust satisfies the requirements of this
paragraph if the | ||||||
14 | title to the land is held by a corporate trustee and if
the | ||||||
15 | real estate held in the land trust meets the other requirements | ||||||
16 | of
this subsection; and
| ||||||
17 | (5) With a mortgage loan not to exceed 40 years;
| ||||||
18 | (c) For the purpose of repair, improvement, | ||||||
19 | rehabilitation,
furnishing or equipment of real estate or any | ||||||
20 | other purpose;
| ||||||
21 | (d) For the purpose of financing or refinancing an existing
| ||||||
22 | ownership interest in certificates of stock, certificates of | ||||||
23 | beneficial
interest or other evidence of an ownership interest | ||||||
24 | in, and a
proprietary lease from, a corporation, trust or | ||||||
25 | partnership formed for
the purpose of the cooperative ownership | ||||||
26 | of real estate, secured by the
assignment or transfer of such |
| |||||||
| |||||||
1 | certificates or other evidence of
ownership of the borrower;
| ||||||
2 | (e) Through the purchase of loans which at the time of | ||||||
3 | purchase the
association could make in accordance with this | ||||||
4 | Section and the by-laws;
| ||||||
5 | (f) Through the purchase of installment contracts for the | ||||||
6 | sale of
real estate, and title thereto which is subject to such | ||||||
7 | contracts, but
in each instance only if the association at the | ||||||
8 | time of purchase could
make a mortgage loan of the same amount | ||||||
9 | and for the same length of time
on the security of such real | ||||||
10 | estate;
| ||||||
11 | (g) Through loans guaranteed or insured, wholly or in part | ||||||
12 | by the
United States or any of its instrumentalities, and | ||||||
13 | without regard to the
limits in amount and terms otherwise | ||||||
14 | imposed by this Article;
| ||||||
15 | (h) Through secured or unsecured loans for business, | ||||||
16 | corporate,
personal, family, or household purposes, or for | ||||||
17 | secured or unsecured loans
for agricultural or commercial | ||||||
18 | purposes to the same extent that such
agricultural or | ||||||
19 | commercial loans are authorized by federal law for any
savings | ||||||
20 | and loan association organized under federal law and authorized | ||||||
21 | to
do business in this State, except that loans to service | ||||||
22 | corporations
shall not be subject to the limitations of this | ||||||
23 | paragraph;
| ||||||
24 | (i) For the purpose of financing a manufactured home mobile | ||||||
25 | home financing subject, however, to
the regulation of the | ||||||
26 | Commissioner . As used in this Section, "manufactured home" |
| |||||||
| |||||||
1 | means a manufactured home as defined in paragraph (53) of | ||||||
2 | Section 9-102 of the Uniform Commercial Code ;
| ||||||
3 | (j) Through loans to its members secured by the cash | ||||||
4 | surrender value of
any life insurance policy or any collateral | ||||||
5 | which would be a legal
investment if made by such association | ||||||
6 | pursuant to the terms of this Act; and
| ||||||
7 | (k) Any provision of this Act to the contrary | ||||||
8 | notwithstanding, any
association may make any loan to its | ||||||
9 | members or investment which such
association could make if it | ||||||
10 | were incorporated and operating as an
association organized | ||||||
11 | under the laws of the United States.
| ||||||
12 | (Source: P.A. 86-137.)
| ||||||
13 | Section 80. The Savings Bank Act is amended by changing | ||||||
14 | Sections 6002 and 6008 as follows:
| ||||||
15 | (205 ILCS 205/6002) (from Ch. 17, par. 7306-2)
| ||||||
16 | Sec. 6002. Investment in loans. | ||||||
17 | (a) Subject to the regulations of the
Commissioner, a | ||||||
18 | savings bank may loan funds as follows:
| ||||||
19 | (1) On the security of deposit accounts, but no such
| ||||||
20 | loan shall exceed the withdrawal value of the pledged | ||||||
21 | account.
| ||||||
22 | (2) On the security of real estate:
| ||||||
23 |
(A) of a value, determined in accordance with this | ||||||
24 | Act,
sufficient to provide good and ample security for |
| |||||||
| |||||||
1 | the loan;
| ||||||
2 |
(B) with a fee simple title or a leasehold title;
| ||||||
3 | (C) with the title established by evidence of title
| ||||||
4 | as is consistent with sound lending practices in the | ||||||
5 | locality;
| ||||||
6 |
(D) with the security interest in the real estate
| ||||||
7 | evidenced by an appropriate written instrument and the | ||||||
8 | loan
evidenced by a note, bond, or similar written | ||||||
9 | instrument; a loan
on the security of the whole of the | ||||||
10 | beneficial interest in a land
trust satisfies the | ||||||
11 | requirements of this paragraph if the title to
the land | ||||||
12 | is held by a corporate trustee and if the real estate | ||||||
13 | held
in the land trust meets the other requirements of | ||||||
14 | this subsection;
| ||||||
15 |
(E) with a mortgage loan not to exceed 40 years.
| ||||||
16 | (3) For the purpose of repair, improvement, | ||||||
17 | rehabilitation,
furnishing, or equipment of real estate.
| ||||||
18 | (4) For the purpose of financing or refinancing an | ||||||
19 | existing
ownership interest in certificates of stock, | ||||||
20 | certificates of
beneficial interest, other evidence of an | ||||||
21 | ownership interest in,
or a proprietary lease from a | ||||||
22 | corporation, trust, or partnership
formed for the purpose | ||||||
23 | of the cooperative ownership of real estate,
secured by the | ||||||
24 | assignment or transfer of certificates or other
evidence of | ||||||
25 | ownership of the borrower.
| ||||||
26 | (5) Through the purchase of loans that, at the time of
|
| |||||||
| |||||||
1 | purchase, the savings bank could make in accordance with | ||||||
2 | this
Section and the bylaws.
| ||||||
3 | (6) Through the purchase of installment contracts for | ||||||
4 | the
sale of real estate and title thereto that is subject | ||||||
5 | to the
contracts, but in each instance only if the savings | ||||||
6 | bank, at the
time of purchase, could make a mortgage loan | ||||||
7 | of the same amount and
for the same length of time on the | ||||||
8 | security of the real estate.
| ||||||
9 | (7) Through loans guaranteed or insured, wholly or in | ||||||
10 | part,
by the United States or any of its instrumentalities.
| ||||||
11 | (8) Subject to regulations adopted by the | ||||||
12 | Commissioner, through
secured or unsecured loans for | ||||||
13 | business, corporate, commercial, or
agricultural purposes; | ||||||
14 | provided that the total of all loans granted under
this | ||||||
15 | paragraph shall not exceed 15% of the savings bank's total | ||||||
16 | assets unless
a greater amount is authorized in writing by | ||||||
17 | the Commissioner.
| ||||||
18 | (9) For the purpose of financing a manufactured home | ||||||
19 | mobile home financing subject,
however, to the regulation | ||||||
20 | of the Commissioner. As used in this Section, "manufactured | ||||||
21 | home" means a manufactured home as defined in paragraph | ||||||
22 | (53) of Section 9-102 of the Uniform Commercial Code.
| ||||||
23 | (10) Through loans secured by the cash surrender value | ||||||
24 | of any
life insurance policy or any collateral that would | ||||||
25 | be a legal
investment under the terms of this Act if made | ||||||
26 | by the savings bank.
|
| |||||||
| |||||||
1 | (11) Any provision of this Act or any other law, except | ||||||
2 | for paragraph
(18) of Section
6003, to the contrary
| ||||||
3 | notwithstanding, but subject to the Financial Institutions | ||||||
4 | Insurance Sales
Law and subject to the Commissioner's | ||||||
5 | regulations, any
savings bank may make any loan or | ||||||
6 | investment or engage in any
activity that it could make or | ||||||
7 | engage in if it were organized
under State law as a savings | ||||||
8 | and loan association or under federal law as a
federal | ||||||
9 | savings and loan association or federal savings bank.
| ||||||
10 | (12) A savings bank may issue letters of credit or | ||||||
11 | other
similar arrangements only as provided for by | ||||||
12 | regulation of the
Commissioner with regard to aggregate | ||||||
13 | amounts permitted, take out
commitments for stand-by | ||||||
14 | letters of credit, underlying
documentation and | ||||||
15 | underwriting, legal limitations on loans of the
savings | ||||||
16 | bank, control and subsidiary records, and other procedures
| ||||||
17 | deemed necessary by the Commissioner.
| ||||||
18 | (13) For the purpose of automobile financing, subject | ||||||
19 | to the
regulation of the Commissioner.
| ||||||
20 | (14) For the purpose of financing primary, secondary,
| ||||||
21 | undergraduate, or postgraduate education.
| ||||||
22 | (15) Through revolving lines of credit on the security | ||||||
23 | of a
first or junior lien on the borrower's personal | ||||||
24 | residence, based
primarily on the borrower's equity, the | ||||||
25 | proceeds of which may be
used for any purpose; those loans | ||||||
26 | being commonly referred to as home
equity loans.
|
| |||||||
| |||||||
1 | (16) As secured or unsecured credit to cover the | ||||||
2 | payment of checks,
drafts, or other funds transfer orders | ||||||
3 | in excess of the available balance
of an account on which | ||||||
4 | they are drawn, subject to the regulations of the
| ||||||
5 | Commissioner.
| ||||||
6 | (b) For purposes of this Section, "real estate" includes a | ||||||
7 | manufactured home as defined in paragraph (53) of Section 9-102 | ||||||
8 | of the Uniform Commercial Code that is real property as defined | ||||||
9 | in Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
10 | Homes as Real Property Act. | ||||||
11 | (Source: P.A. 90-301, eff. 8-1-97; 91-97, eff. 7-9-99.)
| ||||||
12 | (205 ILCS 205/6008) (from Ch. 17, par. 7306-8)
| ||||||
13 | Sec. 6008. Purchase of real estate at forced sale. A | ||||||
14 | savings bank may
purchase at any sheriff's or other judicial | ||||||
15 | sale, either public or private,
any real estate upon which the | ||||||
16 | savings bank has any mortgage, lien or other
encumbrance, or in | ||||||
17 | which the savings bank has any other interest. The
savings bank | ||||||
18 | thereafter may repair, insure, improve, sell, convey, lease,
| ||||||
19 | preserve, mortgage, exchange, or otherwise dispose of real | ||||||
20 | estate so
acquired in the best interests of the savings bank. | ||||||
21 | For purposes of this Section, "real estate" includes a | ||||||
22 | manufactured home as defined in paragraph (53) of Section 9-102 | ||||||
23 | of the Uniform Commercial Code that is real property as defined | ||||||
24 | in Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
25 | Homes as Real Property Act.
|
| |||||||
| |||||||
1 | (Source: P.A. 86-1213.)
| ||||||
2 | Section 85. The Illinois Credit Union Act is amended by | ||||||
3 | changing Sections 46 and 46.1 as follows: | ||||||
4 | (205 ILCS 305/46) (from Ch. 17, par. 4447)
| ||||||
5 | Sec. 46. Loans and interest rate.
| ||||||
6 | (1) A credit union may make loans
to its members for such | ||||||
7 | purpose and upon such security and terms, including
rates of | ||||||
8 | interest, as the Credit Committee, credit manager, or loan | ||||||
9 | officer
approves.
Notwithstanding the provisions of any other | ||||||
10 | law in connection with extensions
of credit, a credit union may | ||||||
11 | elect to
contract for and receive interest and fees and other | ||||||
12 | charges for extensions of
credit subject only to the provisions | ||||||
13 | of this Act and rules promulgated under
this Act, except that | ||||||
14 | extensions of credit secured by residential real estate
shall | ||||||
15 | be subject to the laws applicable thereto.
The rates of | ||||||
16 | interest to be charged on loans to members shall be
set by the | ||||||
17 | Board of Directors of each individual credit union in | ||||||
18 | accordance with Section 30 of this Act and such
rates may be | ||||||
19 | less than, but may not exceed, the maximum rate set forth in
| ||||||
20 | this Section. A borrower may repay his loan prior to maturity, | ||||||
21 | in whole or
in part, without penalty. The credit contract may | ||||||
22 | provide for the payment
by the member and receipt by the credit | ||||||
23 | union of all costs and
disbursements, including reasonable | ||||||
24 | attorney's fees and collection agency
charges, incurred by the |
| |||||||
| |||||||
1 | credit union to collect or enforce the debt in the
event of a | ||||||
2 | delinquency by the member, or in the event of a breach of any
| ||||||
3 | obligation of the member under the credit contract. A | ||||||
4 | contingency or
hourly arrangement established under an | ||||||
5 | agreement entered into by a credit
union with an attorney or | ||||||
6 | collection agency to collect a loan of a member
in default | ||||||
7 | shall be presumed prima facie reasonable.
| ||||||
8 | (2) Credit unions may make loans based upon the security of | ||||||
9 | any
interest or equity in real estate, subject to rules and | ||||||
10 | regulations
promulgated by the Director. In any contract or | ||||||
11 | loan which
is secured by a mortgage, deed of
trust, or | ||||||
12 | conveyance in the nature of a mortgage, on residential real
| ||||||
13 | estate, the interest which is computed, calculated, charged, or | ||||||
14 | collected
pursuant to such contract or loan, or pursuant to any | ||||||
15 | regulation or rule
promulgated pursuant to this Act, may not be | ||||||
16 | computed, calculated, charged
or collected for any period of | ||||||
17 | time occurring after the date on which the
total indebtedness, | ||||||
18 | with the exception of late payment penalties, is paid
in full.
| ||||||
19 | For purposes of this subsection (2) of this Section 46, a | ||||||
20 | prepayment
shall mean the payment of the total indebtedness, | ||||||
21 | with the exception of
late payment penalties if incurred or | ||||||
22 | charged, on any date before the date
specified in the contract | ||||||
23 | or loan agreement on which the total indebtedness
shall be paid | ||||||
24 | in full, or before the date on which all payments, if timely
| ||||||
25 | made, shall have been made. In the event of a prepayment of the
| ||||||
26 | indebtedness which is made on a date
after the date on which |
| |||||||
| |||||||
1 | interest on the indebtedness was last computed,
calculated, | ||||||
2 | charged, or collected but before the next date on which | ||||||
3 | interest
on the indebtedness was to be calculated, computed, | ||||||
4 | charged, or collected,
the lender may calculate, charge and | ||||||
5 | collect interest on the indebtedness
for the period which | ||||||
6 | elapsed between the date on which the prepayment is
made and | ||||||
7 | the date on which interest on the indebtedness was last | ||||||
8 | computed,
calculated, charged or collected at a rate equal to | ||||||
9 | 1/360 of the annual
rate for each day which so elapsed, which | ||||||
10 | rate shall be applied to the
indebtedness outstanding as of the | ||||||
11 | date of prepayment. The lender shall
refund to the borrower any | ||||||
12 | interest charged or collected which exceeds that
which the | ||||||
13 | lender may charge or collect pursuant to the preceding | ||||||
14 | sentence.
The provisions of this amendatory Act of 1985 shall | ||||||
15 | apply only to contracts
or loans entered into on or after the | ||||||
16 | effective date of this amendatory
Act.
| ||||||
17 | (3) Notwithstanding any other provision of this Act, a | ||||||
18 | credit union
authorized under this Act to make loans secured by | ||||||
19 | an interest or equity in
real estate may engage in making | ||||||
20 | "reverse mortgage" loans to persons for
the purpose of making | ||||||
21 | home improvements or repairs, paying insurance
premiums or | ||||||
22 | paying real estate taxes on the homestead properties
of such | ||||||
23 | persons. If made, such loans shall be made on such terms and
| ||||||
24 | conditions as the credit union shall determine and as shall be | ||||||
25 | consistent
with the provisions of this Section and such rules | ||||||
26 | and regulations as the
Director shall promulgate hereunder. For |
| |||||||
| |||||||
1 | purposes of this Section, a
"reverse mortgage" loan shall be a | ||||||
2 | loan extended on the basis of existing
equity in homestead | ||||||
3 | property and secured by a mortgage on such property.
Such loans | ||||||
4 | shall be repaid upon the sale of the property or upon the death
| ||||||
5 | of the owner or, if the property is in joint tenancy, upon the | ||||||
6 | death of the
last surviving joint tenant who had such an | ||||||
7 | interest in the property at the
time the loan was initiated, | ||||||
8 | provided, however, that the credit union and
its member may by | ||||||
9 | mutual agreement, establish other repayment terms. A
credit | ||||||
10 | union, in making a "reverse mortgage" loan, may add deferred
| ||||||
11 | interest to principal or otherwise provide for the charging of | ||||||
12 | interest or
premiums on such deferred interest. "Homestead" | ||||||
13 | property, for purposes of
this Section, means the domicile and | ||||||
14 | contiguous real estate owned and
occupied by the mortgagor. The | ||||||
15 | Director shall promulgate rules and
regulations under this | ||||||
16 | Section; provided that such rules and regulations
need not be | ||||||
17 | promulgated jointly with any other administrative agency of | ||||||
18 | this State.
| ||||||
19 | (4) Notwithstanding any other provisions of this Act, a | ||||||
20 | credit union
authorized under this Act to make loans secured by | ||||||
21 | an interest or equity
in real property may engage in making | ||||||
22 | revolving credit loans secured by
mortgages or deeds of trust | ||||||
23 | on such real property or by security
assignments of beneficial | ||||||
24 | interests in land trusts.
| ||||||
25 | For purposes of this Section, "revolving credit" has the | ||||||
26 | meaning defined
in Section 4.1 of the Interest Act.
|
| |||||||
| |||||||
1 | Any mortgage or deed of trust given to secure a revolving | ||||||
2 | credit loan may,
and when so expressed therein shall, secure | ||||||
3 | not only the existing indebtedness
but also such future | ||||||
4 | advances, whether such advances are obligatory or to
be made at | ||||||
5 | the option of the lender, or otherwise, as are made within | ||||||
6 | twenty
years from the date thereof, to the same extent as if | ||||||
7 | such future advances
were made on the date of the execution of | ||||||
8 | such mortgage or deed of trust,
although there may be no | ||||||
9 | advance made at the time of execution of such mortgage
or other | ||||||
10 | instrument, and although there may be no indebtedness | ||||||
11 | outstanding
at the time any advance is made. The lien of such | ||||||
12 | mortgage or deed of trust,
as to third persons
without actual | ||||||
13 | notice thereof, shall be valid as to all such indebtedness
and | ||||||
14 | future advances form the time said mortgage or deed of trust is | ||||||
15 | filed
for record in the office of the Recorder of Deeds or the | ||||||
16 | Registrar of Titles
of the county where the real property | ||||||
17 | described therein is located. The
total amount of indebtedness | ||||||
18 | that may be so secured may increase or decrease
from time to | ||||||
19 | time, but the total unpaid balance so secured at any one time
| ||||||
20 | shall not exceed a maximum principal amount which must be | ||||||
21 | specified in such
mortgage or deed of trust, plus interest | ||||||
22 | thereon, and any disbursements
made for the payment of taxes, | ||||||
23 | special assessments, or insurance on said
real property, with | ||||||
24 | interest on such disbursements.
| ||||||
25 | Any such mortgage or deed of trust shall be valid and have | ||||||
26 | priority over
all subsequent liens and encumbrances, including |
| |||||||
| |||||||
1 | statutory liens, except
taxes and assessments levied on said | ||||||
2 | real property.
| ||||||
3 | (4.1) For purposes of this Section, "real estate" and "real | ||||||
4 | property" include a manufactured home as defined in paragraph | ||||||
5 | (53) of Section 9-102 of the Uniform Commercial Code that is | ||||||
6 | real property as defined in Section 40 of the Conveyance and | ||||||
7 | Encumbrance of Manufactured Homes as Real Property Act. | ||||||
8 | (5) Compliance with federal or Illinois preemptive laws or | ||||||
9 | regulations
governing loans made by a credit union chartered | ||||||
10 | under this Act shall
constitute compliance with this Act.
| ||||||
11 | (6) Credit unions may make residential real estate mortgage | ||||||
12 | loans on terms and conditions established by the United States | ||||||
13 | Department of Agriculture through its Rural Development | ||||||
14 | Housing and Community Facilities Program. The portion of any | ||||||
15 | loan in excess of the appraised value of the real estate shall | ||||||
16 | be allocable only to the guarantee fee required under the | ||||||
17 | program. | ||||||
18 | (Source: P.A. 95-98, eff. 8-13-07; 96-141, eff. 8-7-09.)
| ||||||
19 | (205 ILCS 305/46.1) (from Ch. 17, par. 4447.1)
| ||||||
20 | Sec. 46.1. Non-recourse reverse mortgage loans. Any credit | ||||||
21 | union
authorized under this Act to make loans secured by an | ||||||
22 | interest or equity in
real estate may make non-recourse reverse | ||||||
23 | mortgage loans as provided in
Section 6.1 of the Illinois | ||||||
24 | Banking Act.
| ||||||
25 | For purposes of this Section, "real estate" includes a |
| |||||||
| |||||||
1 | manufactured home as defined in paragraph (53) of Section 9-102 | ||||||
2 | of the Uniform Commercial Code that is real property as defined | ||||||
3 | in Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
4 | Homes as Real Property Act. | ||||||
5 | (Source: P.A. 87-488.)
| ||||||
6 | Section 90. The Residential Mortgage License Act of 1987 is | ||||||
7 | amended by changing Section 1-4 as follows:
| ||||||
8 | (205 ILCS 635/1-4)
| ||||||
9 | Sec. 1-4. Definitions.
| ||||||
10 | (a) "Residential real property" or "residential real | ||||||
11 | estate" shall mean any real property located in Illinois, upon | ||||||
12 | which is constructed or intended to be constructed a dwelling. | ||||||
13 | The term includes a manufactured home as defined in paragraph | ||||||
14 | (53) of Section 9-102 of the Uniform Commercial Code that is | ||||||
15 | real property as defined in Section 40 of the Conveyance and | ||||||
16 | Encumbrance of Manufactured Homes as Real Property Act.
| ||||||
17 | (b) "Making a residential mortgage loan" or "funding a | ||||||
18 | residential mortgage
loan" shall mean for compensation or gain, | ||||||
19 | either directly or indirectly,
advancing funds or making a | ||||||
20 | commitment to advance funds to a loan applicant
for a | ||||||
21 | residential mortgage loan.
| ||||||
22 | (c) "Soliciting, processing, placing, or negotiating a | ||||||
23 | residential
mortgage loan" shall mean for compensation or gain, | ||||||
24 | either directly or
indirectly, accepting or offering to accept |
| |||||||
| |||||||
1 | an application for a
residential mortgage loan, assisting or | ||||||
2 | offering to assist in the
processing of an application for a | ||||||
3 | residential mortgage loan on behalf of a
borrower, or | ||||||
4 | negotiating or offering to negotiate the terms or conditions
of | ||||||
5 | a residential mortgage loan with a lender on behalf of a | ||||||
6 | borrower
including, but not limited to, the submission of | ||||||
7 | credit packages for the
approval of lenders, the preparation of | ||||||
8 | residential mortgage loan closing
documents, including a | ||||||
9 | closing in the name of a broker.
| ||||||
10 | (d) "Exempt person or entity" shall mean the following:
| ||||||
11 | (1) (i) Any banking organization or foreign banking | ||||||
12 | corporation
licensed by the Illinois Commissioner of Banks | ||||||
13 | and Real Estate or the
United States Comptroller of the | ||||||
14 | Currency to transact business in this
State; (ii) any | ||||||
15 | national bank, federally chartered savings and loan
| ||||||
16 | association, federal savings bank, federal credit union; | ||||||
17 | (iii) any pension
trust, bank trust, or bank trust company; | ||||||
18 | (iv) any bank, savings and loan
association, savings bank, | ||||||
19 | or credit union organized under the laws of this
or any | ||||||
20 | other state; (v) any Illinois Consumer Installment Loan Act | ||||||
21 | licensee;
(vi) any insurance company authorized to | ||||||
22 | transact business in this State;
(vii) any entity engaged | ||||||
23 | solely in commercial mortgage lending; (viii) any
service | ||||||
24 | corporation of a savings and loan association or savings | ||||||
25 | bank organized
under the laws of this State or the service | ||||||
26 | corporation of a federally
chartered savings and loan |
| |||||||
| |||||||
1 | association or savings bank having
its principal place of | ||||||
2 | business in this State, other than a service
corporation | ||||||
3 | licensed or entitled to reciprocity under the Real Estate
| ||||||
4 | License Act of 2000; or (ix) any first tier subsidiary of a
| ||||||
5 | bank, the charter of which is issued under the Illinois | ||||||
6 | Banking Act
by the Illinois Commissioner of Banks and Real | ||||||
7 | Estate,
or the first tier subsidiary of a bank chartered by | ||||||
8 | the United States
Comptroller of the Currency and that has | ||||||
9 | its principal place of business
in this State, provided | ||||||
10 | that the first tier subsidiary is regularly
examined by the | ||||||
11 | Illinois Commissioner of Banks and Real Estate
or the | ||||||
12 | Comptroller of the Currency, or a consumer compliance | ||||||
13 | examination is
regularly conducted by the Federal Reserve | ||||||
14 | Board.
| ||||||
15 | (1.5) Any employee of a person or entity mentioned in
| ||||||
16 | item (1) of this subsection, when acting for such person or | ||||||
17 | entity, or any registered mortgage loan originator when | ||||||
18 | acting for an entity described in subsection (tt) of this | ||||||
19 | Section.
| ||||||
20 | (2) Any person or entity that does not originate
| ||||||
21 | mortgage loans in the ordinary course of
business making or | ||||||
22 | acquiring residential mortgage loans
with his or her or its | ||||||
23 | own funds for his or her or its own investment
without | ||||||
24 | intent to
make, acquire, or resell more than 2 residential | ||||||
25 | mortgage loans in
any one calendar year.
| ||||||
26 | (3) Any person employed by a licensee to assist in the |
| |||||||
| |||||||
1 | performance of
the activities regulated by this Act who is | ||||||
2 | compensated in any manner by
only one licensee.
| ||||||
3 | (4) (Blank).
| ||||||
4 | (5) Any individual, corporation, partnership, or other | ||||||
5 | entity that
originates, services, or brokers residential | ||||||
6 | mortgage loans, as these
activities are defined in this | ||||||
7 | Act, and who or which receives no
compensation for those | ||||||
8 | activities, subject to the Commissioner's
regulations with | ||||||
9 | regard to the nature and amount of compensation.
| ||||||
10 | (6) (Blank).
| ||||||
11 | (e) "Licensee" or "residential mortgage licensee" shall | ||||||
12 | mean a person,
partnership, association, corporation, or any | ||||||
13 | other entity who or which is
licensed pursuant to this Act to | ||||||
14 | engage in the activities regulated by
this Act.
| ||||||
15 | (f) "Mortgage loan" "residential mortgage loan" or "home
| ||||||
16 | mortgage loan" shall mean any loan primarily for personal, | ||||||
17 | family, or household use that is secured by a mortgage, deed of | ||||||
18 | trust, or other equivalent consensual security interest on a | ||||||
19 | dwelling as defined in Section 103(v) of the federal Truth in | ||||||
20 | Lending Act, or residential real estate upon which is | ||||||
21 | constructed or intended to be constructed a dwelling.
| ||||||
22 | (g) "Lender" shall mean any person, partnership, | ||||||
23 | association,
corporation, or any other entity who either lends | ||||||
24 | or invests money in
residential mortgage loans.
| ||||||
25 | (h) "Ultimate equitable owner" shall mean a person who, | ||||||
26 | directly
or indirectly, owns or controls an ownership interest |
| |||||||
| |||||||
1 | in a corporation,
foreign corporation, alien business | ||||||
2 | organization, trust, or any other form
of business organization | ||||||
3 | regardless of whether the person owns or controls
the ownership | ||||||
4 | interest through one or more persons or one or more proxies,
| ||||||
5 | powers of attorney, nominees, corporations, associations, | ||||||
6 | partnerships,
trusts, joint stock companies, or other entities | ||||||
7 | or devices, or any
combination thereof.
| ||||||
8 | (i) "Residential mortgage financing transaction" shall | ||||||
9 | mean the negotiation,
acquisition, sale, or arrangement for or | ||||||
10 | the offer to negotiate, acquire,
sell, or arrange for, a | ||||||
11 | residential mortgage loan or residential mortgage
loan | ||||||
12 | commitment.
| ||||||
13 | (j) "Personal residence address" shall mean a street | ||||||
14 | address and shall
not include a post office box number.
| ||||||
15 | (k) "Residential mortgage loan commitment" shall mean a | ||||||
16 | contract for
residential mortgage loan financing.
| ||||||
17 | (l) "Party to a residential mortgage financing | ||||||
18 | transaction" shall mean a
borrower, lender, or loan broker in a | ||||||
19 | residential mortgage financing
transaction.
| ||||||
20 | (m) "Payments" shall mean payment of all or any of the | ||||||
21 | following:
principal, interest and escrow reserves for taxes, | ||||||
22 | insurance and other related
reserves, and reimbursement for | ||||||
23 | lender advances.
| ||||||
24 | (n) "Commissioner" shall mean the Commissioner of Banks and | ||||||
25 | Real Estate, except that , beginning on April 6, 2009 ( the | ||||||
26 | effective date of Public Act 95-1047) this amendatory Act of |
| |||||||
| |||||||
1 | the 95th General Assembly , all references in this Act to the | ||||||
2 | Commissioner of Banks and Real Estate are deemed, in | ||||||
3 | appropriate contexts, to be references to the Secretary of | ||||||
4 | Financial and Professional Regulation, or his or her designee, | ||||||
5 | including the Director of the Division of Banking of the | ||||||
6 | Department of Financial and Professional Regulation.
| ||||||
7 | (n-1) "Director" shall mean the Director of the Division of | ||||||
8 | Banking of the Department of Financial and Professional | ||||||
9 | Regulation, except that , beginning on July 31, 2009 ( the | ||||||
10 | effective date of Public Act 96-112) this amendatory Act of the | ||||||
11 | 96th General Assembly , all references in this Act to the | ||||||
12 | Director are deemed, in appropriate contexts, to be the | ||||||
13 | Secretary of Financial and Professional Regulation, or his or | ||||||
14 | her designee, including the Director of the Division of Banking | ||||||
15 | of the Department of Financial and Professional Regulation. | ||||||
16 | (o) "Loan brokering", "brokering", or "brokerage service" | ||||||
17 | shall mean the act
of helping to obtain from another entity, | ||||||
18 | for a borrower, a loan secured by
residential real estate | ||||||
19 | situated in Illinois or assisting a borrower in
obtaining a | ||||||
20 | loan secured by residential real estate situated in Illinois in
| ||||||
21 | return for consideration to be paid by either the borrower or | ||||||
22 | the lender
including, but not limited to, contracting for the | ||||||
23 | delivery of residential
mortgage loans to a third party lender | ||||||
24 | and soliciting, processing, placing,
or negotiating | ||||||
25 | residential mortgage loans.
| ||||||
26 | (p) "Loan broker" or "broker" shall mean a person, |
| |||||||
| |||||||
1 | partnership,
association, corporation, or limited liability | ||||||
2 | company, other than
those persons, partnerships,
associations, | ||||||
3 | corporations, or limited liability companies exempted
from | ||||||
4 | licensing pursuant to Section
1-4, subsection (d), of this Act, | ||||||
5 | who performs the activities described
in subsections (c) and | ||||||
6 | (o) of this Section.
| ||||||
7 | (q) "Servicing" shall mean the collection or remittance for | ||||||
8 | or the
right or obligation to collect or remit for any lender, | ||||||
9 | noteowner,
noteholder, or for a licensee's own account, of | ||||||
10 | payments, interests,
principal, and trust items such as hazard | ||||||
11 | insurance and taxes on a
residential mortgage loan in | ||||||
12 | accordance with the terms of the residential
mortgage loan; and | ||||||
13 | includes loan payment follow-up, delinquency loan
follow-up, | ||||||
14 | loan analysis and any notifications to the borrower that are
| ||||||
15 | necessary to enable the borrower to keep the loan current and | ||||||
16 | in good standing.
| ||||||
17 | (r) "Full service office" shall mean an office, provided by | ||||||
18 | the licensee and not subleased from the licensee's employees, | ||||||
19 | and staff in Illinois
reasonably adequate to handle efficiently | ||||||
20 | communications, questions, and
other matters relating to any | ||||||
21 | application for, or an existing home mortgage
secured by | ||||||
22 | residential real estate situated in Illinois
with respect to | ||||||
23 | which the licensee is brokering, funding originating,
| ||||||
24 | purchasing, or servicing. The management and operation of each | ||||||
25 | full service
office must include observance of good business | ||||||
26 | practices such as adequate,
organized, and accurate books and |
| |||||||
| |||||||
1 | records; ample phone lines, hours of
business, staff training | ||||||
2 | and supervision, and provision for a mechanism to
resolve | ||||||
3 | consumer inquiries, complaints, and problems. The Commissioner
| ||||||
4 | shall issue regulations with regard to these requirements and | ||||||
5 | shall include
an evaluation of compliance with this Section in | ||||||
6 | his or her periodic
examination of each licensee.
| ||||||
7 | (s) "Purchasing" shall mean the purchase of conventional or
| ||||||
8 | government-insured mortgage loans secured by residential real | ||||||
9 | estate
situated in Illinois from either the lender or from the | ||||||
10 | secondary market.
| ||||||
11 | (t) "Borrower" shall mean the person or persons who seek | ||||||
12 | the services of
a loan broker, originator, or lender.
| ||||||
13 | (u) "Originating" shall mean the issuing of commitments for | ||||||
14 | and funding of
residential mortgage loans.
| ||||||
15 | (v) "Loan brokerage agreement" shall mean a written | ||||||
16 | agreement in which a
broker or loan broker agrees to do either | ||||||
17 | of the following:
| ||||||
18 | (1) obtain a residential mortgage loan for the borrower | ||||||
19 | or assist the
borrower in obtaining a residential mortgage | ||||||
20 | loan; or
| ||||||
21 | (2) consider making a residential mortgage loan to the | ||||||
22 | borrower.
| ||||||
23 | (w) "Advertisement" shall mean the attempt by publication,
| ||||||
24 | dissemination, or circulation to induce, directly or | ||||||
25 | indirectly,
any person to enter into a residential mortgage | ||||||
26 | loan agreement or
residential mortgage loan brokerage |
| |||||||
| |||||||
1 | agreement relative to a
mortgage secured by residential real | ||||||
2 | estate situated in Illinois.
| ||||||
3 | (x) "Residential Mortgage Board" shall mean the | ||||||
4 | Residential Mortgage
Board created in Section 1-5 of this Act.
| ||||||
5 | (y) "Government-insured mortgage loan" shall mean any | ||||||
6 | mortgage loan made
on the security of residential real estate | ||||||
7 | insured by the Department of
Housing and Urban Development or | ||||||
8 | Farmers Home Loan Administration, or
guaranteed by the Veterans | ||||||
9 | Administration.
| ||||||
10 | (z) "Annual audit" shall mean a certified audit of the | ||||||
11 | licensee's books and
records and systems of internal control | ||||||
12 | performed by a certified public
accountant in accordance with | ||||||
13 | generally accepted accounting principles
and generally | ||||||
14 | accepted auditing standards.
| ||||||
15 | (aa) "Financial institution" shall mean a savings and loan
| ||||||
16 | association, savings bank, credit union, or a bank organized | ||||||
17 | under the
laws of Illinois or a savings and loan association, | ||||||
18 | savings bank,
credit union or a bank organized under the laws | ||||||
19 | of the United States and
headquartered in Illinois.
| ||||||
20 | (bb) "Escrow agent" shall mean a third party, individual or | ||||||
21 | entity
charged with the fiduciary obligation for holding escrow | ||||||
22 | funds on a
residential mortgage loan pending final payout of | ||||||
23 | those funds
in accordance with the terms of the residential | ||||||
24 | mortgage loan.
| ||||||
25 | (cc) "Net worth" shall have the meaning ascribed thereto in | ||||||
26 | Section 3-5
of this Act.
|
| |||||||
| |||||||
1 | (dd) "Affiliate" shall mean:
| ||||||
2 | (1) any entity that directly controls or is controlled | ||||||
3 | by the licensee
and any other company that is directly | ||||||
4 | affecting activities regulated by
this Act that is | ||||||
5 | controlled by the company that controls the licensee;
| ||||||
6 | (2) any entity:
| ||||||
7 | (A) that is controlled, directly or indirectly, by | ||||||
8 | a trust or otherwise,
by or for the benefit of | ||||||
9 | shareholders who beneficially or otherwise
control, | ||||||
10 | directly or indirectly, by trust or otherwise, the | ||||||
11 | licensee or any
company that controls the licensee; or
| ||||||
12 | (B) a majority of the directors or trustees of | ||||||
13 | which constitute a
majority of the persons holding any | ||||||
14 | such office with the licensee or any
company that | ||||||
15 | controls the licensee;
| ||||||
16 | (3) any company, including a real estate investment | ||||||
17 | trust, that is
sponsored and advised on a contractual basis | ||||||
18 | by the licensee or any
subsidiary or affiliate of the | ||||||
19 | licensee.
| ||||||
20 | The Commissioner may define by rule and regulation any | ||||||
21 | terms used
in this Act for the efficient and clear | ||||||
22 | administration of this Act.
| ||||||
23 | (ee) "First tier subsidiary" shall be defined by regulation
| ||||||
24 | incorporating the comparable definitions used by the Office of | ||||||
25 | the
Comptroller of the Currency and the Illinois Commissioner | ||||||
26 | of Banks
and Real Estate.
|
| |||||||
| |||||||
1 | (ff) "Gross delinquency rate" means the quotient | ||||||
2 | determined by dividing
(1) the sum of (i) the number of | ||||||
3 | government-insured residential mortgage loans
funded or | ||||||
4 | purchased by a licensee in the preceding calendar year that are
| ||||||
5 | delinquent and (ii) the number of conventional residential | ||||||
6 | mortgage loans
funded or purchased by the licensee in the | ||||||
7 | preceding calendar year that are
delinquent by (2) the sum of | ||||||
8 | (i) the number of government-insured residential
mortgage | ||||||
9 | loans funded or purchased by the licensee in the preceding | ||||||
10 | calendar
year and (ii) the number of conventional residential | ||||||
11 | mortgage loans funded or
purchased by the licensee in the | ||||||
12 | preceding calendar year.
| ||||||
13 | (gg) "Delinquency rate factor" means the factor set by rule | ||||||
14 | of the
Commissioner that is multiplied by the average gross | ||||||
15 | delinquency rate of
licensees, determined annually for the | ||||||
16 | immediately preceding calendar year, for
the purpose of | ||||||
17 | determining which licensees shall be examined by the
| ||||||
18 | Commissioner pursuant to subsection (b) of Section 4-8 of this | ||||||
19 | Act.
| ||||||
20 | (hh) "Loan originator" means any natural person who, for | ||||||
21 | compensation or in
the expectation of compensation, either | ||||||
22 | directly or indirectly makes, offers to
make, solicits, places, | ||||||
23 | or negotiates a residential mortgage loan. This definition | ||||||
24 | applies only to Section 7-1 of this Act.
| ||||||
25 | (ii) "Confidential supervisory information" means any | ||||||
26 | report of examination, visitation, or investigation prepared |
| |||||||
| |||||||
1 | by the Commissioner under this Act, any report of examination | ||||||
2 | visitation, or investigation prepared by the state regulatory | ||||||
3 | authority of another state that examines a licensee, any | ||||||
4 | document or record prepared or obtained in connection with or | ||||||
5 | relating to any examination, visitation, or investigation, and | ||||||
6 | any record prepared or obtained by the Commissioner to the | ||||||
7 | extent that the record summarizes or contains information | ||||||
8 | derived from any report, document, or record described in this | ||||||
9 | subsection. "Confidential supervisory information" does not | ||||||
10 | include any information or record routinely prepared by a | ||||||
11 | licensee and maintained in the ordinary course of business or | ||||||
12 | any information or record that is required to be made publicly | ||||||
13 | available pursuant to State or federal law or rule.
| ||||||
14 | (jj) "Mortgage loan originator" means an individual who for | ||||||
15 | compensation or gain or in the expectation of compensation or | ||||||
16 | gain: | ||||||
17 | (i) takes a residential mortgage loan application; or | ||||||
18 | (ii) offers or negotiates terms of a residential | ||||||
19 | mortgage loan. | ||||||
20 | "Mortgage loan originator" does not include an individual | ||||||
21 | engaged solely as a loan processor or underwriter except as | ||||||
22 | otherwise provided in subsection (d) of Section 7-1A of this | ||||||
23 | Act. | ||||||
24 | "Mortgage loan originator" does not include a person or | ||||||
25 | entity that only performs real estate brokerage activities and | ||||||
26 | is licensed in accordance with the Real Estate License Act of |
| |||||||
| |||||||
1 | 2000, unless the person or entity is compensated by a lender, a | ||||||
2 | mortgage broker, or other mortgage loan originator, or by any | ||||||
3 | agent of that lender, mortgage broker, or other mortgage loan | ||||||
4 | originator. | ||||||
5 | "Mortgage loan originator" does not include a person or | ||||||
6 | entity solely involved in extensions of credit relating to | ||||||
7 | timeshare plans, as that term is defined in Section 101(53D) of | ||||||
8 | Title 11, United States Code. | ||||||
9 | (kk) "Depository institution" has the same meaning as in | ||||||
10 | Section 3 of the Federal Deposit Insurance Act, and includes | ||||||
11 | any credit union. | ||||||
12 | (ll) "Dwelling" means a residential structure or mobile | ||||||
13 | home which contains one to 4 family housing units, or | ||||||
14 | individual units of condominiums or cooperatives. | ||||||
15 | (mm) "Immediate family member" means a spouse, child, | ||||||
16 | sibling, parent, grandparent, or grandchild, and includes | ||||||
17 | step-parents, step-children, step-siblings, or adoptive | ||||||
18 | relationships. | ||||||
19 | (nn) "Individual" means a natural person. | ||||||
20 | (oo) "Loan processor or underwriter" means an individual | ||||||
21 | who performs clerical or support duties as an employee at the | ||||||
22 | direction of and subject to the supervision and instruction of | ||||||
23 | a person licensed, or exempt from licensing, under this Act. | ||||||
24 | "Clerical or support duties" includes subsequent to the receipt | ||||||
25 | of an application: | ||||||
26 | (i) the receipt, collection, distribution, and |
| |||||||
| |||||||
1 | analysis of information common for the processing or | ||||||
2 | underwriting of a residential mortgage loan; and | ||||||
3 | (ii) communicating with a consumer to obtain the | ||||||
4 | information necessary for the processing or underwriting | ||||||
5 | of a loan, to the extent that the communication does not | ||||||
6 | include offering or negotiating loan rates or terms, or | ||||||
7 | counseling consumers about residential mortgage loan rates | ||||||
8 | or terms. An individual engaging solely in loan processor | ||||||
9 | or underwriter activities shall not represent to the | ||||||
10 | public, through advertising or other means of | ||||||
11 | communicating or providing information, including the use | ||||||
12 | of business cards, stationery, brochures, signs, rate | ||||||
13 | lists, or other promotional items, that the individual can | ||||||
14 | or will perform any of the activities of a mortgage loan | ||||||
15 | originator. | ||||||
16 | (pp) "Nationwide Mortgage Licensing System and Registry" | ||||||
17 | means a mortgage licensing system developed and maintained by | ||||||
18 | the Conference of State Bank Supervisors and the American | ||||||
19 | Association of Residential Mortgage Regulators for the | ||||||
20 | licensing and registration of licensed mortgage loan | ||||||
21 | originators. | ||||||
22 | (qq) "Nontraditional mortgage product" means any mortgage | ||||||
23 | product other than a 30-year fixed rate mortgage. | ||||||
24 | (rr) "Person" means a natural person, corporation, | ||||||
25 | company, limited liability company, partnership, or | ||||||
26 | association. |
| |||||||
| |||||||
1 | (ss) "Real estate brokerage activity" means any activity | ||||||
2 | that involves offering or providing real estate brokerage | ||||||
3 | services to the public, including: | ||||||
4 | (1) acting as a real estate agent or real estate broker | ||||||
5 | for a buyer, seller, lessor, or lessee of real property; | ||||||
6 | (2) bringing together parties interested in the sale, | ||||||
7 | purchase, lease, rental, or exchange of real property; | ||||||
8 | (3) negotiating, on behalf of any party, any portion of | ||||||
9 | a contract relating to the sale, purchase, lease, rental, | ||||||
10 | or exchange of real property, other than in connection with | ||||||
11 | providing financing with respect to any such transaction; | ||||||
12 | (4) engaging in any activity for which a person engaged | ||||||
13 | in the activity is required to be registered or licensed as | ||||||
14 | a real estate agent or real estate broker under any | ||||||
15 | applicable law; or | ||||||
16 | (5) offering to engage in any activity, or act in any | ||||||
17 | capacity, described in this subsection (ss). | ||||||
18 | (tt) "Registered mortgage loan originator" means any | ||||||
19 | individual that: | ||||||
20 | (1) meets the definition of mortgage loan originator | ||||||
21 | and is an employee of: | ||||||
22 | (A) a depository institution; | ||||||
23 | (B) a subsidiary that is: | ||||||
24 | (i) owned and controlled by a depository | ||||||
25 | institution; and | ||||||
26 | (ii) regulated by a federal banking agency; or |
| |||||||
| |||||||
1 | (C) an institution regulated by the Farm Credit | ||||||
2 | Administration; and | ||||||
3 | (2) is registered with, and maintains a unique | ||||||
4 | identifier through, the Nationwide Mortgage Licensing | ||||||
5 | System and Registry. | ||||||
6 | (uu) "Unique identifier" means a number or other identifier | ||||||
7 | assigned by protocols established by the Nationwide Mortgage | ||||||
8 | Licensing System and Registry. | ||||||
9 | (vv) "Residential mortgage license" means a license issued | ||||||
10 | pursuant to Section 1-3, 2-2, or 2-6 of this Act. | ||||||
11 | (ww) "Mortgage loan originator license" means a license | ||||||
12 | issued pursuant to Section 7-1A, 7-3, or 7-6 of this Act.
| ||||||
13 | (xx) (jj) "Secretary" means the Secretary of the Department | ||||||
14 | of Financial and Professional Regulation, or a person | ||||||
15 | authorized by the Secretary or by this Act to act in the | ||||||
16 | Secretary's stead. | ||||||
17 | (Source: P.A. 95-1047, eff. 4-6-09; 96-112, eff. 7-31-09; | ||||||
18 | revised 8-20-09.)
| ||||||
19 | Section 95. The Abandoned Mobile Home Act is amended by | ||||||
20 | changing Section 10 as follows:
| ||||||
21 | (210 ILCS 117/10)
| ||||||
22 | Sec. 10. Definitions.
| ||||||
23 | "Mobile home" means a structure designed for permanent | ||||||
24 | habitation and
constructed to permit its transport on wheels, |
| |||||||
| |||||||
1 | temporarily or
permanently attached to its frame, from its | ||||||
2 | place of construction to a
location where it is intended to be | ||||||
3 | a
permanent habitation and includes a manufactured home as | ||||||
4 | defined in paragraph (53) of Section 9-102 of the Uniform | ||||||
5 | Commercial Code .
"Mobile home" does not include a structure | ||||||
6 | that is
served by individual utilities and that rests on a | ||||||
7 | permanent foundation
with its wheels, tongue, and hitch | ||||||
8 | permanently removed , nor a manufactured home as defined in | ||||||
9 | paragraph (53) of Section 9-102 of the Uniform Commercial Code | ||||||
10 | that is real property as defined in Section 40 of the | ||||||
11 | Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
12 | Property Act .
| ||||||
13 | "Abandoned mobile home" means a mobile home that has no | ||||||
14 | owner currently
residing in the mobile home or authorized | ||||||
15 | tenant of the owner currently
residing in the mobile home to | ||||||
16 | the best knowledge of the municipality;
has had its | ||||||
17 | electricity,
natural gas, sewer, and water payments declared | ||||||
18 | delinquent
by the utility companies that are providing such | ||||||
19 | services; and for which
the Mobile Home Privilege Tax, imposed | ||||||
20 | under the Mobile Home Local
Services Tax Act, is delinquent for | ||||||
21 | at least 3 months.
| ||||||
22 | "Municipality" means any city, village, incorporated town, | ||||||
23 | or its duly
authorized agent. If an abandoned mobile home is | ||||||
24 | located in an
unincorporated area, the county where the mobile | ||||||
25 | home is located shall have
all powers granted to a
municipality | ||||||
26 | under this Act.
|
| |||||||
| |||||||
1 | (Source: P.A. 88-516.)
| ||||||
2 | Section 100. The Illinois Vehicle Code is amended by | ||||||
3 | changing Sections 3-100, 3-102, 3-103, 3-104, 3-106, 3-107, | ||||||
4 | 3-109, 3-110, 3-116, 3-202, 3-205, 3-207, 3-208, 3-626, 3-638, | ||||||
5 | 3-645, 3-647, 3-650, and 3-680 and by adding Sections | ||||||
6 | 1-145.002, 3-116.1, 3-116.2, and 3-116.3 as follows: | ||||||
7 | (625 ILCS 5/1-145.002 new) | ||||||
8 | Sec. 1-145.002. Mobile home or manufactured home. | ||||||
9 | A "mobile home" or "manufactured home" means a manufactured | ||||||
10 | home as defined in paragraph (53) of Section 9-102 of the | ||||||
11 | Uniform Commercial Code.
| ||||||
12 | (625 ILCS 5/3-100) (from Ch. 95 1/2, par. 3-100)
| ||||||
13 | Sec. 3-100. Definitions. For the purposes of this Chapter, | ||||||
14 | the following words shall
have the meanings ascribed to them:
| ||||||
15 | "Electronic" includes electrical, digital, magnetic, | ||||||
16 | optical,
electromagnetic, or any other form of technology that | ||||||
17 | entails capabilities
similar to these technologies.
| ||||||
18 | "Electronic record" means a record generated, | ||||||
19 | communicated, received, or
stored by electronic means for use | ||||||
20 | in an information system or for
transmission from one | ||||||
21 | information system to another.
| ||||||
22 | "Electronic signature" means a signature in electronic | ||||||
23 | form attached to or
logically associated with an electronic |
| |||||||
| |||||||
1 | record.
| ||||||
2 | "Owner" means a person who holds legal document of | ||||||
3 | ownership of a vehicle,
limited to a certificate of origin, | ||||||
4 | certificate of title, salvage certificate,
or junking | ||||||
5 | certificate. However, in the event a vehicle is the subject of | ||||||
6 | an
agreement for the conditional sale or lease thereof with the
| ||||||
7 | right of purchase upon performance of the conditions stated in | ||||||
8 | the
agreement and with an immediate right of possession vested | ||||||
9 | in the
conditional vendee or lessee, or in the event a | ||||||
10 | mortgagor of such vehicle
is entitled to possession, then such | ||||||
11 | conditional vendee or lessee or
mortgagor shall be deemed the | ||||||
12 | owner for the purpose of this Chapter,
except as provided under | ||||||
13 | paragraph (c) of Section 3-118.
| ||||||
14 | "Record" means information that is inscribed, stored, or | ||||||
15 | otherwise fixed
on a tangible medium or that is stored in an | ||||||
16 | electronic or other medium
and is retrievable in perceivable | ||||||
17 | form.
| ||||||
18 | "Signature" or "signed" includes any symbol executed or | ||||||
19 | adopted, or any
security procedure employed or adopted, using | ||||||
20 | electronic means or
otherwise, by or on behalf of a person with | ||||||
21 | intent to authenticate a
record.
| ||||||
22 | "Vehicle" means a vehicle as defined in Section 1-217 of | ||||||
23 | this Code. Unless otherwise specified, "vehicle" also means a | ||||||
24 | manufactured home as defined in Section 1-145.002 of this Code. | ||||||
25 | (Source: P.A. 91-79, eff. 1-1-00; 91-357, eff. 7-29-99; 91-772, | ||||||
26 | eff.
1-1-01.)
|
| |||||||
| |||||||
1 | (625 ILCS 5/3-102) (from Ch. 95 1/2, par. 3-102)
| ||||||
2 | Sec. 3-102. Exclusions.
| ||||||
3 | No certificate of title need be obtained for:
| ||||||
4 | 1. A vehicle owned by the State of Illinois; or a vehicle | ||||||
5 | owned by the
United States unless it is registered in this | ||||||
6 | State;
| ||||||
7 | 2. A vehicle owned by a manufacturer or dealer and held for | ||||||
8 | sale, even
though incidentally moved on the highway or used for | ||||||
9 | purposes of testing or
demonstration, provided a dealer | ||||||
10 | reassignment area is still available on the
manufacturer's | ||||||
11 | certificate of origin or the Illinois title; or a vehicle used
| ||||||
12 | by a manufacturer solely for testing;
| ||||||
13 | 3. A vehicle owned by a non-resident of this State and not | ||||||
14 | required by
law to be registered in this State;
| ||||||
15 | 4. A motor vehicle regularly engaged in the interstate | ||||||
16 | transportation of
persons or property for which a currently | ||||||
17 | effective certificate of title
has been issued in another | ||||||
18 | State;
| ||||||
19 | 5. A vehicle moved solely by animal power;
| ||||||
20 | 6. An implement of husbandry;
| ||||||
21 | 7. Special mobile equipment;
| ||||||
22 | 8. An apportionable trailer or an apportionable | ||||||
23 | semitrailer registered in
the State prior to April 1, 1998 ; .
| ||||||
24 | 9. A manufactured home for which an affidavit of affixation | ||||||
25 | has been recorded pursuant to the Conveyance and Encumbrance of |
| |||||||
| |||||||
1 | Manufactured Homes as Real Property Act, unless an affidavit of | ||||||
2 | severance has been recorded for the same manufactured home | ||||||
3 | pursuant to Section 55 of the Conveyance and Encumbrance of | ||||||
4 | Manufactured Homes as Real Property Act. | ||||||
5 | (Source: P.A. 91-441, eff. 1-1-00.)
| ||||||
6 | (625 ILCS 5/3-103) (from Ch. 95 1/2, par. 3-103)
| ||||||
7 | Sec. 3-103. Optional certificate of title.
| ||||||
8 | (a) The owner of an implement of husbandry or special | ||||||
9 | mobile equipment may
apply for and obtain a certificate of | ||||||
10 | title on it. All of the provisions of
this chapter, except part | ||||||
11 | (e) of Section 3-104, are applicable to a
certificate of title | ||||||
12 | so issued, except that a person who receives a
transfer of an | ||||||
13 | interest in the vehicle without knowledge of the certificate
of | ||||||
14 | title is not prejudiced by reason of the existence of the | ||||||
15 | certificate,
and the perfection of a security interest under | ||||||
16 | this act is not effective
until the lienholder has complied | ||||||
17 | with the provisions of applicable law
which otherwise relate to | ||||||
18 | the perfection of security interests in personal
property.
| ||||||
19 | An application for an optional certificate of title must be | ||||||
20 | accompanied
by either an exemption determination from the | ||||||
21 | Department of Revenue showing
that no tax imposed under the | ||||||
22 | "Use Tax Act" or the "Retailers' Occupation
Tax Act" is owed by | ||||||
23 | anyone with respect to that vehicle or by a receipt
from the | ||||||
24 | Department of Revenue showing that any tax so imposed has been
| ||||||
25 | paid. No optional certificate of title shall be issued in the |
| |||||||
| |||||||
1 | absence of
such a receipt or exemption determination.
| ||||||
2 | If the proof of payment or of nonliability is, after the | ||||||
3 | issuance of the
optional certificate of title, found to be | ||||||
4 | invalid, the Secretary of State
shall revoke the optional | ||||||
5 | certificate of title and require that it be
returned to him.
| ||||||
6 | (b) The owner of a manufactured home that is permanently | ||||||
7 | affixed to real estate and for which a certificate of title has | ||||||
8 | not previously been issued and surrendered for cancellation, | ||||||
9 | may apply for a certificate of title, including, if applicable, | ||||||
10 | a certificate of title issued in accordance with subsection (b) | ||||||
11 | of Section 3-109, which shall be issued for the sole purpose of | ||||||
12 | (i) surrendering such certificate of title for cancellation in | ||||||
13 | accordance with Section 3-116.2 of this Code or (ii) satisfying | ||||||
14 | the requirements of subsection (e)(4) of Section 9-334 of the | ||||||
15 | Uniform Commercial Code. The Secretary of State shall issue a | ||||||
16 | certificate of title, in accordance with this Chapter, upon | ||||||
17 | satisfaction of the application requirements of this Code. | ||||||
18 | (Source: P.A. 78-1165.)
| ||||||
19 | (625 ILCS 5/3-104) (from Ch. 95 1/2, par. 3-104)
| ||||||
20 | Sec. 3-104. Application for certificate of title.
| ||||||
21 | (a) The application for a certificate of title for a | ||||||
22 | vehicle in this
State must be made by the owner to the | ||||||
23 | Secretary of State on the form
prescribed and must contain:
| ||||||
24 | 1. The name, Illinois residence and mail address of the | ||||||
25 | owner;
|
| |||||||
| |||||||
1 | 2. A description of the vehicle including, so far as | ||||||
2 | the following
data exists: Its make, year-model, | ||||||
3 | identifying number, type of body,
whether new or used, as | ||||||
4 | to house trailers as
defined in Section 1-128 of this Code, | ||||||
5 | and as to manufactured homes as defined in Section | ||||||
6 | 1-145.002 of this Code, the square footage of the house
| ||||||
7 | trailer based upon the outside dimensions of the house | ||||||
8 | trailer excluding
the length of the tongue and hitch, and, | ||||||
9 | as to vehicles of the
second division, whether for-hire, | ||||||
10 | not-for-hire, or both for-hire and
not-for-hire;
| ||||||
11 | 3. The date of purchase by applicant and, if | ||||||
12 | applicable, the name and
address of the person from whom | ||||||
13 | the vehicle was acquired and the names and
addresses of any | ||||||
14 | lienholders in the order of their priority and signatures | ||||||
15 | of
owners;
| ||||||
16 | 4. The current odometer reading at the time of transfer | ||||||
17 | and that the
stated odometer reading is one of the | ||||||
18 | following: actual mileage, not
the actual mileage or | ||||||
19 | mileage is in excess of its mechanical limits; and
| ||||||
20 | 5. Any further information the Secretary of State | ||||||
21 | reasonably
requires to identify the vehicle and to enable | ||||||
22 | him to determine whether
the owner is entitled to a | ||||||
23 | certificate of title and the existence or
nonexistence of | ||||||
24 | security interests in the vehicle. | ||||||
25 | (a-5) The Secretary of State shall designate on the | ||||||
26 | prescribed application form a space where the owner of a |
| |||||||
| |||||||
1 | vehicle may designate a beneficiary, to whom ownership of the | ||||||
2 | vehicle shall pass in the event of the owner's death.
| ||||||
3 | (b) If the application refers to a vehicle purchased from a | ||||||
4 | dealer,
it must also be signed by the dealer as well as the | ||||||
5 | owner, and the dealer must
promptly mail or deliver the | ||||||
6 | application and required documents to the
Secretary of State.
| ||||||
7 | (c) If the application refers to a vehicle last previously
| ||||||
8 | registered in another State or country, the application must | ||||||
9 | contain or
be accompanied by:
| ||||||
10 | 1. Any certified document of ownership so recognized | ||||||
11 | and issued by
the other State or country and acceptable to | ||||||
12 | the Secretary of State, and
| ||||||
13 | 2. Any other information and documents the Secretary of | ||||||
14 | State
reasonably requires to establish the ownership of the | ||||||
15 | vehicle and the
existence or nonexistence of security | ||||||
16 | interests in it.
| ||||||
17 | (d) If the application refers to a new vehicle it must be
| ||||||
18 | accompanied by the Manufacturer's Statement of Origin, or other | ||||||
19 | documents
as required and acceptable by the Secretary of State, | ||||||
20 | with such
assignments as may be necessary to show title in the | ||||||
21 | applicant.
| ||||||
22 | (e) If an application refers to a vehicle rebuilt from a | ||||||
23 | vehicle
previously salvaged, that application shall comply | ||||||
24 | with the provisions
set forth in Sections 3-302 through 3-304 | ||||||
25 | of this Code.
| ||||||
26 | (f) An application for a certificate of title for any |
| |||||||
| |||||||
1 | vehicle,
whether purchased in Illinois or outside Illinois, and | ||||||
2 | even if
previously registered in another State, must be | ||||||
3 | accompanied by either an
exemption determination from the | ||||||
4 | Department of Revenue showing that no
tax imposed pursuant to | ||||||
5 | the Use Tax Act or the vehicle use tax imposed by
Section | ||||||
6 | 3-1001 of the Illinois Vehicle Code is owed by anyone with | ||||||
7 | respect to
that vehicle, or a receipt from the Department of | ||||||
8 | Revenue showing that any tax
so imposed has been paid. An | ||||||
9 | application for a certificate of title for any
vehicle | ||||||
10 | purchased outside Illinois, even if previously registered in | ||||||
11 | another
state, must be accompanied by either an exemption | ||||||
12 | determination from the
Department of Revenue showing that no | ||||||
13 | tax imposed pursuant to the Municipal Use
Tax Act or the County | ||||||
14 | Use Tax Act is owed by anyone with respect to that
vehicle, or | ||||||
15 | a receipt from the Department of Revenue showing that any tax | ||||||
16 | so
imposed has been paid. In the absence of such a receipt for | ||||||
17 | payment or
determination of exemption from the Department, no | ||||||
18 | certificate of title shall
be issued to the applicant.
| ||||||
19 | If the proof of payment of the tax or of nonliability | ||||||
20 | therefor is,
after the issuance of the certificate of title and | ||||||
21 | display certificate
of title, found to be invalid, the | ||||||
22 | Secretary of State shall revoke the
certificate and require | ||||||
23 | that the certificate of title and, when
applicable, the display | ||||||
24 | certificate of title be returned to him.
| ||||||
25 | (g) If the application refers to a vehicle not manufactured | ||||||
26 | in
accordance with federal safety and emission standards, the |
| |||||||
| |||||||
1 | application must
be accompanied by all documents required by | ||||||
2 | federal governmental
agencies to meet their standards before a | ||||||
3 | vehicle is allowed to be issued
title and registration.
| ||||||
4 | (h) If the application refers to a vehicle sold at public | ||||||
5 | sale by a
sheriff, it must be accompanied by the required fee | ||||||
6 | and a bill of sale
issued and signed by a sheriff. The bill of | ||||||
7 | sale must identify the new
owner's name and address, the year | ||||||
8 | model, make and vehicle identification
number of the vehicle, | ||||||
9 | court order document number authorizing such sale,
if | ||||||
10 | applicable, and the name and address of any lienholders in | ||||||
11 | order of
priority, if applicable.
| ||||||
12 | (i) If the application refers to a vehicle for which a | ||||||
13 | court of law
determined the ownership, it must be accompanied | ||||||
14 | with a certified copy of
such court order and the required fee. | ||||||
15 | The court order must indicate the
new owner's name and address, | ||||||
16 | the complete description of the vehicle, if
known, the name and | ||||||
17 | address of the lienholder, if any, and must be signed
and dated | ||||||
18 | by the judge issuing such order.
| ||||||
19 | (j) If the application refers to a vehicle sold at public | ||||||
20 | auction pursuant
to the Labor and Storage Lien (Small Amount) | ||||||
21 | Act, it must be
accompanied by an affidavit or affirmation | ||||||
22 | furnished by the Secretary of
State along with the
documents | ||||||
23 | described in the affidavit or affirmation and the required fee.
| ||||||
24 | (k) The Secretary may provide an expedited process for the | ||||||
25 | issuance of vehicle titles. Expedited title applications must | ||||||
26 | be delivered to the Secretary of State's Vehicle Services |
| |||||||
| |||||||
1 | Department in Springfield by express mail service or hand | ||||||
2 | delivery. Applications must be complete, including necessary | ||||||
3 | forms, fees, and taxes. Applications received before noon on a | ||||||
4 | business day will be processed and shipped that same day. | ||||||
5 | Applications received after noon on a business day will be | ||||||
6 | processed and shipped the next business day. The Secretary | ||||||
7 | shall charge an additional fee of $30 for this service, and | ||||||
8 | that fee shall cover the cost of return shipping via an express | ||||||
9 | mail service. All fees collected by the Secretary of State for | ||||||
10 | expedited services shall be deposited into the Motor Vehicle | ||||||
11 | License Plate Fund. In the event the Vehicle Services | ||||||
12 | Department determines that the volume of expedited title | ||||||
13 | requests received on a given day exceeds the ability of the | ||||||
14 | Vehicle Services Department to process those requests in an | ||||||
15 | expedited manner, the Vehicle Services Department may decline | ||||||
16 | to provide expedited services, and the additional fee for the | ||||||
17 | expedited service shall be refunded to the applicant. | ||||||
18 | (l) (k) If the application refers to a homemade trailer, | ||||||
19 | (i) it must be accompanied by the appropriate documentation | ||||||
20 | regarding the source of materials used in the construction of | ||||||
21 | the trailer, as required by the Secretary of State, (ii) the | ||||||
22 | trailer must be inspected by a Secretary of State investigator, | ||||||
23 | as described in Section 2-115 of this Code, prior to the | ||||||
24 | issuance of the title, and (iii) upon approval of the Secretary | ||||||
25 | of State, the trailer must have a vehicle identification | ||||||
26 | number, as provided by the Secretary of State, stamped or |
| |||||||
| |||||||
1 | riveted to the frame. | ||||||
2 | (m) The holder of a Manufacturer's Statement of Origin to a | ||||||
3 | manufactured home may deliver it to any person to facilitate | ||||||
4 | conveying or encumbering the manufactured home. Any person | ||||||
5 | receiving any such Manufacturer's Statement of Origin, so | ||||||
6 | delivered, holds it in trust for the person delivering it. | ||||||
7 | (Source: P.A. 95-784, eff. 1-1-09; 96-519, eff. 1-1-10; 96-554, | ||||||
8 | eff. 1-1-10; revised 9-15-09.)
| ||||||
9 | (625 ILCS 5/3-106) (from Ch. 95 1/2, par. 3-106)
| ||||||
10 | Sec. 3-106. Certificate of title - Issuance - Records. (a) | ||||||
11 | The Secretary of State shall file each application received | ||||||
12 | and,
when satisfied as to its genuineness and regularity, and | ||||||
13 | that no tax
imposed by the "Use Tax Act" or the vehicle use | ||||||
14 | tax, as imposed by Section
3-1001 of "The Illinois Vehicle | ||||||
15 | Code", or pursuant to the "Municipal Use
Tax Act" or pursuant | ||||||
16 | to the "County Use Tax Act" is owed as evidenced by
the receipt | ||||||
17 | for payment or determination of exemption from the Department
| ||||||
18 | of Revenue provided for in Section 3-104 of this Act, and that | ||||||
19 | the
applicant is entitled to the issuance of a certificate of | ||||||
20 | title, shall
issue a certificate of title of the vehicle.
| ||||||
21 | (b) The Secretary of State shall maintain a record of all
| ||||||
22 | certificates of title issued by him under a distinctive title | ||||||
23 | number
assigned to the vehicle; and, in the discretion of the | ||||||
24 | Secretary of
State, in any other method determined.
| ||||||
25 | (c) The Secretary of State shall not issue a certificate of |
| |||||||
| |||||||
1 | title, including a certificate of title issued in accordance | ||||||
2 | with subsection (b) of Section 3-109, to a manufactured home | ||||||
3 | for which there has been recorded an affidavit of affixation | ||||||
4 | pursuant to the Conveyance and Encumbrance of Manufactured | ||||||
5 | Homes as Real Property Act unless, with respect to the same | ||||||
6 | manufactured home, there has been recorded an affidavit of | ||||||
7 | severance pursuant to Section 55 of the Conveyance and | ||||||
8 | Encumbrance of Manufactured Homes as Real Property Act. | ||||||
9 | (d) When satisfied as to its genuineness and regularity, | ||||||
10 | the Secretary of State shall file, upon receipt, each affidavit | ||||||
11 | of affixation and affidavit of severance relating to a | ||||||
12 | manufactured home that is delivered in accordance with the | ||||||
13 | Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
14 | Property Act. | ||||||
15 | (e) The Secretary of State shall maintain a record of each | ||||||
16 | affidavit of affixation and each affidavit of severance filed | ||||||
17 | in accordance with subsection (d) of this Section. The record | ||||||
18 | shall state the name of the owner of the related manufactured | ||||||
19 | home, the name of the manufacturer, the make, model name, model | ||||||
20 | year, and vehicle identification number, and any other data the | ||||||
21 | Secretary of State prescribes. | ||||||
22 | (f) When satisfied as to its genuineness and regularity, | ||||||
23 | the Secretary of State shall file, upon receipt, each | ||||||
24 | application for surrender of the Manufacturer's Statement of | ||||||
25 | Origin relating to a manufactured home that is delivered in | ||||||
26 | accordance with Section 3-116.1 of this Code. |
| |||||||
| |||||||
1 | (g) When satisfied as to its genuineness and regularity, | ||||||
2 | the Secretary of State shall file, upon receipt, each | ||||||
3 | application for surrender of the certificate of title relating | ||||||
4 | to a manufactured home that is delivered in accordance with | ||||||
5 | Section 3-116.2 of this Code. | ||||||
6 | (h) The Secretary of State shall maintain a record, | ||||||
7 | including a record in the form of a searchable electronic | ||||||
8 | database accessible to the public, of each Manufacturer's | ||||||
9 | Statement of Origin accepted for surrender as provided in | ||||||
10 | Section 3-116.1. The record shall state the name of each owner | ||||||
11 | of the related manufactured home, the date the Manufacturer's | ||||||
12 | Statement of Origin was accepted for surrender, the name of the | ||||||
13 | manufacturer, the make, model name, model year, and vehicle | ||||||
14 | identification number, and any other data the Secretary of | ||||||
15 | State prescribes. | ||||||
16 | (i) The Secretary of State shall maintain a record, | ||||||
17 | including a record in the form of a searchable electronic | ||||||
18 | database accessible to the public, of each manufactured home | ||||||
19 | certificate of title accepted for surrender as provided in | ||||||
20 | Section 3-116.2 of this Code. The record shall state the name | ||||||
21 | of each owner of the related manufactured home, the date the | ||||||
22 | certificate of title was accepted for surrender, the name of | ||||||
23 | the manufacturer, the make, model name, model year, and vehicle | ||||||
24 | identification number, and any other data the Secretary of | ||||||
25 | State prescribes. | ||||||
26 | (Source: P.A. 86-444.)
|
| |||||||
| |||||||
1 | (625 ILCS 5/3-107) (from Ch. 95 1/2, par. 3-107)
| ||||||
2 | Sec. 3-107. Contents and effect.
| ||||||
3 | (a) Each certificate of title issued by the Secretary of | ||||||
4 | State shall
contain:
| ||||||
5 | 1. the date issued;
| ||||||
6 | 2. the name and address of the owner;
| ||||||
7 | 3. the names and addresses of any lienholders, in the | ||||||
8 | order of
priority as shown on the application or, if the | ||||||
9 | application is based on
a certificate of title, as shown on | ||||||
10 | the certificate;
| ||||||
11 | 4. the title number assigned to the vehicle;
| ||||||
12 | 5. a description of the vehicle including, so far as | ||||||
13 | the following
data exists: its make, year-model, | ||||||
14 | identifying number, type of body,
whether new or used, as | ||||||
15 | to house trailers as defined in Section 1-128 of
this Code, | ||||||
16 | and as to manufactured homes as defined in Section | ||||||
17 | 1-145.002 of this Code, the square footage of the vehicle | ||||||
18 | based upon the outside
dimensions of the house trailer | ||||||
19 | excluding the length of the tongue and
hitch, and, if a new | ||||||
20 | vehicle, the date of the first sale of the vehicle
for use;
| ||||||
21 | 6. an odometer certification as provided for in
this | ||||||
22 | Code; and
| ||||||
23 | 7. any other data the Secretary of State prescribes.
| ||||||
24 | (a-5) In the event the applicant seeks to have the vehicle | ||||||
25 | titled as a custom vehicle or street rod, that fact must be |
| |||||||
| |||||||
1 | stated in the application. The custom vehicle or street rod | ||||||
2 | must be inspected as required by Section 3-406 of this Code | ||||||
3 | prior to issuance of the title. Upon successful completion of | ||||||
4 | the inspection, the vehicle may be titled in the following | ||||||
5 | manner. The make of the vehicle shall be listed as the make of | ||||||
6 | the actual vehicle or the make it is designed to resemble | ||||||
7 | (e.g., Ford or Chevrolet); the model of the vehicle shall be | ||||||
8 | listed as custom vehicle or street rod; and the year of the | ||||||
9 | vehicle shall be listed as the year the actual vehicle was | ||||||
10 | manufactured or the year it is designed to resemble. A vehicle | ||||||
11 | previously titled as other than a custom vehicle or street rod | ||||||
12 | may be issued a corrected title reflecting the custom vehicle | ||||||
13 | or street rod model if it otherwise meets the requirements for | ||||||
14 | the designation. | ||||||
15 | (b) The certificate of title shall contain forms for | ||||||
16 | assignment and
warranty of title by the owner, and for | ||||||
17 | assignment and warranty of title
by a dealer, and may contain | ||||||
18 | forms for applications for a certificate of
title by a | ||||||
19 | transferee, the naming of a lienholder and the assignment or
| ||||||
20 | release of the security interest of a lienholder. | ||||||
21 | (b-5) The Secretary of State shall designate on a | ||||||
22 | certificate of title a space where the owner of a vehicle may | ||||||
23 | designate a beneficiary, to whom ownership of the vehicle shall | ||||||
24 | pass in the event of the owner's death.
| ||||||
25 | (c) A certificate of title issued by the Secretary of State | ||||||
26 | is prima
facie evidence of the facts appearing on it.
|
| |||||||
| |||||||
1 | (d) A certificate of title for a vehicle is not subject to
| ||||||
2 | garnishment, attachment, execution or other judicial process, | ||||||
3 | but this
subsection does not prevent a lawful levy upon the | ||||||
4 | vehicle.
| ||||||
5 | (e) Any certificate of title issued by the Secretary of | ||||||
6 | State is
subject to a lien in favor of the State of Illinois | ||||||
7 | for any fees or
taxes required to be paid under this Act and as | ||||||
8 | have not been paid, as
provided for in this Code.
| ||||||
9 | (f) Notwithstanding any other provision of law, a | ||||||
10 | certificate of title issued by the Secretary of State to a | ||||||
11 | manufactured home is prima facie evidence of the facts | ||||||
12 | appearing on it, regardless that the manufactured home became | ||||||
13 | affixed, at any time and in any manner, to real property. | ||||||
14 | (Source: P.A. 95-784, eff. 1-1-09; 96-487, eff. 1-1-10.)
| ||||||
15 | (625 ILCS 5/3-109) (from Ch. 95 1/2, par. 3-109) | ||||||
16 | Sec. 3-109. Registration without certificate of title; | ||||||
17 | bond. If the Secretary of State is not satisfied as to the | ||||||
18 | ownership of the
vehicle , including, but not limited to, in the | ||||||
19 | case of a manufactured home, a circumstance in which the | ||||||
20 | manufactured home is covered by a Manufacturer's Statement of | ||||||
21 | Origin which the owner of the manufactured home, after diligent | ||||||
22 | search and inquiry, is unable to produce, or that there are no | ||||||
23 | undisclosed security interests in it, the
Secretary of State | ||||||
24 | may register the vehicle but shall either: | ||||||
25 | (a) Withhold issuance of a certificate of title until the |
| |||||||
| |||||||
1 | applicant
presents documents reasonably sufficient to satisfy | ||||||
2 | the Secretary of
State as to the applicant's ownership of the | ||||||
3 | vehicle and that there are
no undisclosed security interests in | ||||||
4 | it; or | ||||||
5 | (b) As a condition of issuing a certificate of title, | ||||||
6 | require the
applicant to file with the Secretary of State a | ||||||
7 | bond in the form
prescribed by the Secretary of State and | ||||||
8 | executed by the applicant, and
either accompanied by the | ||||||
9 | deposit of cash with the Secretary of State or
also executed by | ||||||
10 | a person authorized to conduct a surety business in
this State. | ||||||
11 | The bond shall be in an amount equal to one and one-half
times | ||||||
12 | the value of the vehicle as determined by the Secretary of | ||||||
13 | State
and conditioned to indemnify any prior owner and | ||||||
14 | lienholder and any
subsequent purchaser of the vehicle or | ||||||
15 | person acquiring any security
interest in it, and their | ||||||
16 | respective successors in interest, against any
expense, loss or | ||||||
17 | damage, including reasonable attorney's fees, by reason
of the | ||||||
18 | issuance of the certificate of title of the vehicle or on | ||||||
19 | account
of any defect in or undisclosed security interest upon | ||||||
20 | the right, title
and interest of the applicant in and to the | ||||||
21 | vehicle. Any such interested
person has a right of action to | ||||||
22 | recover on the bond for any breach of
its conditions, but the | ||||||
23 | aggregate liability of the surety to all persons
shall not | ||||||
24 | exceed the amount of the bond. The bond, and any deposit
| ||||||
25 | accompanying it, shall be returned at the end of three (3) | ||||||
26 | years or
prior thereto if (i) the vehicle is no longer |
| |||||||
| |||||||
1 | registered in this State and
the currently valid certificate of | ||||||
2 | title is surrendered to the Secretary
of State or (ii), in the | ||||||
3 | case of a certificate of title to a manufactured home, the | ||||||
4 | currently valid certificate of title is surrendered to the | ||||||
5 | Secretary of State in accordance with Section 3-116.2 , unless | ||||||
6 | the Secretary of State has been notified of the
pendency of an | ||||||
7 | action to recover on the bond. | ||||||
8 | Security deposited as a bond hereunder shall be placed by | ||||||
9 | the
Secretary of State in the custody of the State Treasurer. | ||||||
10 | (c) During July, annually, the Secretary shall compile a | ||||||
11 | list of all bonds
on deposit, pursuant to this Section, for | ||||||
12 | more than 3 years and concerning
which he has received no | ||||||
13 | notice as to the pendency of any judicial proceeding
that could | ||||||
14 | affect the disposition thereof. Thereupon, he shall promptly
| ||||||
15 | send a notice by certified mail to the last known address of | ||||||
16 | each depositor
advising him that his bond will be subject to | ||||||
17 | escheat to the State of Illinois
if not claimed within 30 days | ||||||
18 | after the mailing date of such notice. At
the expiration of | ||||||
19 | such time, the Secretary of State shall file with the
State | ||||||
20 | Treasurer an order directing the transfer of such deposit to | ||||||
21 | the Road
Fund in the State Treasury. Upon receipt of such | ||||||
22 | order, the State Treasurer
shall make such transfer, after | ||||||
23 | converting to cash any other type of security.
Thereafter any | ||||||
24 | person having a legal claim against such deposit may enforce
it | ||||||
25 | by appropriate proceedings in the Court of Claims subject to | ||||||
26 | the limitations
prescribed for such Court. At the expiration of |
| |||||||
| |||||||
1 | such limitation period
such deposit shall escheat to the State | ||||||
2 | of Illinois. | ||||||
3 | (Source: P.A. 81-1458.)
| ||||||
4 | (625 ILCS 5/3-110) (from Ch. 95 1/2, par. 3-110)
| ||||||
5 | Sec. 3-110. Refusing certificate of title ; manufactured | ||||||
6 | home affixed to real property .
| ||||||
7 | The Secretary of State shall refuse issuance of a | ||||||
8 | certificate of title
if any required fee is not paid or if he | ||||||
9 | has reasonable grounds to believe
that:
| ||||||
10 | (a) The applicant is not the owner of the vehicle;
| ||||||
11 | (b) The application contains a false or fraudulent | ||||||
12 | statement; or
| ||||||
13 | (c) The applicant fails to furnish required information or | ||||||
14 | documents or
any additional information the Secretary of State | ||||||
15 | reasonably requires;
| ||||||
16 | (d) The applicant has not paid to the Secretary of State | ||||||
17 | any fees or
taxes due under this Act and have not been paid | ||||||
18 | upon reasonable notice and
demand.
| ||||||
19 | Except as provided in Section 3-116.2, the Secretary of | ||||||
20 | State shall not refuse to issue a certificate of title to a | ||||||
21 | manufactured home by reason of the fact that, at any time, in | ||||||
22 | any manner, it shall have been affixed to real property. | ||||||
23 | (Source: P.A. 77-641.)
| ||||||
24 | (625 ILCS 5/3-116) (from Ch. 95 1/2, par. 3-116)
|
| |||||||
| |||||||
1 | Sec. 3-116. When Secretary of State to issue a certificate | ||||||
2 | of title.
| ||||||
3 | (a) The Secretary of State, upon receipt of a properly | ||||||
4 | assigned
certificate of title, with an application for a | ||||||
5 | certificate of
title, the required fee and any other documents | ||||||
6 | required by law, shall
issue a new certificate of title in the | ||||||
7 | name of the transferee as owner
and mail it to the first | ||||||
8 | lienholder named in it or, if none, to the
owner or owner's | ||||||
9 | designee.
| ||||||
10 | (b) The Secretary of State, upon receipt of an application | ||||||
11 | for a new
certificate of title by a transferee other than by | ||||||
12 | voluntary transfer,
with proof of the transfer, the required | ||||||
13 | fee and any other documents
required by law, shall issue a new | ||||||
14 | certificate of title in the name of
the transferee as owner.
| ||||||
15 | (c) Any person, firm or corporation, who shall knowingly | ||||||
16 | possess,
buy, sell, exchange or give away, or offer to buy, | ||||||
17 | sell, exchange or
give away the certificate of title to any | ||||||
18 | motor vehicle which is a junk
or salvage, or who shall fail to | ||||||
19 | surrender the certificate of title to
the Secretary of State as | ||||||
20 | required under the provisions of this Section
and Section | ||||||
21 | 3-117.2, shall be guilty of Class 3 felony.
| ||||||
22 | (d) The Secretary of State shall file and retain for four | ||||||
23 | (4) years a
record of every surrendered certificate of title or | ||||||
24 | proof of ownership
accepted by the Secretary of State, the file | ||||||
25 | to be maintained so as to
permit the tracing of title of the | ||||||
26 | vehicle designated therein. These filing and retention |
| |||||||
| |||||||
1 | requirements shall be in addition to and not in substitution | ||||||
2 | for the recordkeeping requirements set forth in Section 3-106 | ||||||
3 | of this Code, which recordkeeping requirements are not limited | ||||||
4 | to any period of time.
| ||||||
5 | (e) The Secretary of State, upon receipt of an application | ||||||
6 | for
corrected certificate of title, with the original title, | ||||||
7 | the required fee
and any other required documents, shall issue | ||||||
8 | a corrected certificate of
title in the name of the owner and | ||||||
9 | mail it to the first lienholder named in
it or, if none, to the | ||||||
10 | owner or owner's designee.
| ||||||
11 | (f) The Secretary of State, upon receipt of a certified | ||||||
12 | copy of a court
order awarding ownership to an applicant along | ||||||
13 | with an application for a
certificate of title and the required | ||||||
14 | fee, shall issue a certificate of title
to the applicant.
| ||||||
15 | (Source: P.A. 90-212, eff. 1-1-98.)
| ||||||
16 | (625 ILCS 5/3-116.1 new) | ||||||
17 | Sec. 3-116.1. Surrender of Manufacturer's Statement of | ||||||
18 | Origin to a manufactured home. | ||||||
19 | (a) The owner or owners of a manufactured home that is | ||||||
20 | covered by a Manufacturer's Statement of Origin, and that is | ||||||
21 | permanently affixed to real property as defined in Section 10 | ||||||
22 | of the Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
23 | Property Act or which the owner intends to permanently affix to | ||||||
24 | real property as defined in that Section 10, may surrender the | ||||||
25 | Manufacturer's Statement of Origin to the Secretary of State by |
| |||||||
| |||||||
1 | filing with the Secretary of State an application for surrender | ||||||
2 | of the Manufacturer's Statement of Origin, containing or | ||||||
3 | accompanied by: | ||||||
4 | (1) the name, residence, and mailing address of the | ||||||
5 | owner; | ||||||
6 | (2) a description of the manufactured home including | ||||||
7 | the name of the manufacturer, the make, the model name, the | ||||||
8 | model year, the dimensions, the vehicle identification | ||||||
9 | number of the manufactured home, whether it is new or used, | ||||||
10 | and any other information the Secretary of State requires; | ||||||
11 | (3) the date of purchase by the owner of the | ||||||
12 | manufactured home, the name and address of the person from | ||||||
13 | whom the home was acquired, and the names and addresses of | ||||||
14 | any security interest holders and lienholders in the order | ||||||
15 | of their apparent priority; | ||||||
16 | (4) a statement signed by the owner, stating either (i) | ||||||
17 | any facts or information known to the owner that could | ||||||
18 | reasonably affect the validity of the title to the | ||||||
19 | manufactured home or the existence or non-existence of a | ||||||
20 | security interest in or lien on it; or (ii) that no such | ||||||
21 | facts or information are known to the owner; | ||||||
22 | (5) a certified copy of the affidavit of affixation | ||||||
23 | with the original Manufacturer's Statement of Origin in | ||||||
24 | accordance with Section 30 of the Conveyance and | ||||||
25 | Encumbrance of Manufactured Homes as Real Property Act; | ||||||
26 | (6) the name and mailing address of each person wishing |
| |||||||
| |||||||
1 | written acknowledgment of surrender from the Secretary of | ||||||
2 | State; | ||||||
3 | (7) a release of security interests (if any) pursuant | ||||||
4 | to Section 3-205 of this Code; and | ||||||
5 | (8) any other information and documents the Secretary | ||||||
6 | of State reasonably requires to identify the owner of the | ||||||
7 | manufactured home and to enable him or her to determine | ||||||
8 | whether the owner satisfied the requirements of Section 35 | ||||||
9 | of the Conveyance and Encumbrance of Manufactured Homes as | ||||||
10 | Real Property Act and is entitled to surrender the | ||||||
11 | Manufacturer's Statement of Origin, and the existence or | ||||||
12 | non-existence of security interests in or liens on the | ||||||
13 | manufactured home. | ||||||
14 | (b) When satisfied as to the genuineness and regularity of | ||||||
15 | the surrender of a manufactured home's Manufacturer's | ||||||
16 | Statement of Origin, and upon satisfaction of the requirements | ||||||
17 | of subsection (a) of this Section, the Secretary of State shall | ||||||
18 | (i) cancel the Manufacturer's Statement of Origin and update | ||||||
19 | his or her records pursuant to Section 3-106 of this Code and | ||||||
20 | (ii) provide written acknowledgment of compliance with the | ||||||
21 | provisions of this Section to each person identified on the | ||||||
22 | application for surrender of the Manufacturer's Statement of | ||||||
23 | Origin pursuant to subsection (a)(7) of this Section. | ||||||
24 | (c) Upon satisfaction of the requirements of this Section, | ||||||
25 | a manufactured home shall be conveyed and encumbered as | ||||||
26 | provided in the Conveyance and Encumbrance of Manufactured |
| |||||||
| |||||||
1 | Homes as Real Property Act. If the application to surrender a | ||||||
2 | Manufacturer's Statement of Origin is delivered to the | ||||||
3 | Secretary of State within 60 days of recording the related | ||||||
4 | affidavit of affixation with the recording officer in the | ||||||
5 | county in which the real property to which the manufactured | ||||||
6 | home is or shall be affixed and the application is thereafter | ||||||
7 | accepted by the Secretary of State, the requirements of this | ||||||
8 | Section shall be deemed satisfied as of the date the affidavit | ||||||
9 | of affixation is recorded. | ||||||
10 | (d) Upon written request, the Secretary of State shall | ||||||
11 | provide written acknowledgment of compliance with the | ||||||
12 | provisions of this Section. | ||||||
13 | (625 ILCS 5/3-116.2 new) | ||||||
14 | Sec. 3-116.2. Surrender of title to a manufactured home. | ||||||
15 | (a) The owner or owners of a manufactured home that is | ||||||
16 | covered by a certificate of title, including, if applicable, a | ||||||
17 | certificate of title issued in accordance with subsection (b) | ||||||
18 | of Section 3-109, and that is permanently affixed to real | ||||||
19 | property as defined in Section 10 of the Conveyance and | ||||||
20 | Encumbrance of Manufactured Homes as Real Property Act or which | ||||||
21 | the owner intends to permanently affix to real property as | ||||||
22 | defined in that Section 10, may surrender the manufactured | ||||||
23 | home's certificate of title to the Secretary of State by filing | ||||||
24 | with the Secretary of State an application for surrender of | ||||||
25 | title, containing or accompanied by: |
| |||||||
| |||||||
1 | (1) the name, residence, and mailing address of the | ||||||
2 | owner; | ||||||
3 | (2) a description of the manufactured home including | ||||||
4 | the name of the manufacturer, the make, the model name, the | ||||||
5 | model year, the dimensions, the vehicle identification | ||||||
6 | number or numbers of the manufactured home, whether it is | ||||||
7 | new or used, and any other information the Secretary of | ||||||
8 | State requires; | ||||||
9 | (3) the date of purchase by the owner of the | ||||||
10 | manufactured home, the name and address of the person from | ||||||
11 | whom the home was acquired, and the names and addresses of | ||||||
12 | any security interest holders and lienholders in the order | ||||||
13 | of their apparent priority; | ||||||
14 | (4) a statement signed by the owner, stating either, | ||||||
15 | (i) any facts or information known to the owner that could | ||||||
16 | reasonably affect the validity of the title to the | ||||||
17 | manufactured home or the existence or non-existence of a | ||||||
18 | security interest in or lien on it; or (ii) that no such | ||||||
19 | facts or information are known to the owner; | ||||||
20 | (5) a certified copy of the affidavit of affixation as | ||||||
21 | provided by Section 30 of the Conveyance and Encumbrance of | ||||||
22 | Manufactured Homes as Real Property Act; | ||||||
23 | (6) the original certificate of title; | ||||||
24 | (7) the name and mailing address of each person wishing | ||||||
25 | written acknowledgment of surrender from the Secretary of | ||||||
26 | State; |
| |||||||
| |||||||
1 | (8) a release of security interests (if any) pursuant | ||||||
2 | to Section 3-205 of this Code; and | ||||||
3 | (9) any other information and documents the Secretary | ||||||
4 | of State reasonably requires to identify the owner of the | ||||||
5 | manufactured home and to enable him or her to determine | ||||||
6 | whether the owner satisfied the requirements of Section 35 | ||||||
7 | of the Conveyance and Encumbrance of Manufactured Homes as | ||||||
8 | Real Property Act and is entitled to surrender the | ||||||
9 | certificate of title and the existence or non-existence of | ||||||
10 | security interests in or liens on the manufactured home. | ||||||
11 | (b) The Secretary of State shall not accept for surrender a | ||||||
12 | certificate of title to a manufactured home unless and until | ||||||
13 | all security interests or liens perfected pursuant to Sections | ||||||
14 | 3-106 and 3-202 of this Code have been released. | ||||||
15 | (c) When satisfied as to the genuineness and regularity of | ||||||
16 | the surrender of a manufactured home's certificate of title, | ||||||
17 | and upon satisfaction of the requirements of subsections (a) | ||||||
18 | and (b) of this Section, the Secretary of State shall (i) | ||||||
19 | cancel the certificate of title and update his or her records | ||||||
20 | in accordance with the provisions of Section 3-106 of this Code | ||||||
21 | and (ii) provide written acknowledgment of compliance with the | ||||||
22 | provisions of this Section to each person identified on the | ||||||
23 | application for surrender of title pursuant to subsection | ||||||
24 | (a)(7) of this Section. | ||||||
25 | (d) Upon satisfaction of the requirements of this Section, | ||||||
26 | a manufactured home shall be conveyed and encumbered as |
| |||||||
| |||||||
1 | provided in Section 40 of the Conveyance and Encumbrance of | ||||||
2 | Manufactured Homes as Real Property Act. If the application to | ||||||
3 | surrender a certificate of title is delivered to the Secretary | ||||||
4 | of State within 60 days of recording the related affidavit of | ||||||
5 | affixation with the recording officer in the county in which | ||||||
6 | the real property to which the manufactured home is or shall be | ||||||
7 | affixed, and the application is thereafter accepted by the | ||||||
8 | Secretary of State, the requirements of this Section shall be | ||||||
9 | deemed satisfied as of the date the affidavit of affixation is | ||||||
10 | recorded. | ||||||
11 | (e) Upon written request, the Secretary of State shall | ||||||
12 | provide written acknowledgment of compliance with the | ||||||
13 | provisions of this Section. | ||||||
14 | (625 ILCS 5/3-116.3 new) | ||||||
15 | Sec. 3-116.3. Application for a certificate of title to a | ||||||
16 | severed manufactured home. | ||||||
17 | (a) Notwithstanding any other provision of law, where a | ||||||
18 | manufactured home has been permanently affixed to real | ||||||
19 | property, and an affidavit of affixation has been recorded as | ||||||
20 | part of the real property records in the county in which the | ||||||
21 | manufactured home is located in accordance with the Conveyance | ||||||
22 | and Encumbrance of Manufactured Homes as Real Property Act, and | ||||||
23 | where the manufactured home subsequently is detached or severed | ||||||
24 | from the real property, the owner or owners of the manufactured | ||||||
25 | home shall, unless exempted by other provisions of this Code, |
| |||||||
| |||||||
1 | apply for a new certificate of title by filing with the | ||||||
2 | Secretary of State an application for a certificate of title to | ||||||
3 | a manufactured home, to be issued in accordance with subsection | ||||||
4 | (b) of section 3-109, containing or accompanied by: | ||||||
5 | (1) the name, residence, and mailing address of the | ||||||
6 | owner; | ||||||
7 | (2) a description of the manufactured home including | ||||||
8 | the name of the manufacturer, the make, the model name, the | ||||||
9 | model year, the dimensions, the vehicle identification | ||||||
10 | number or numbers of the manufactured home, whether it is | ||||||
11 | new or used, and any other information the Secretary of | ||||||
12 | State requires; | ||||||
13 | (3) a statement signed by the applicant, stating | ||||||
14 | either: (i) any facts or information known to the applicant | ||||||
15 | that could reasonably affect the validity of the title of | ||||||
16 | the manufactured home or the existence or non-existence of | ||||||
17 | any security interest in or lien on it; or (ii) that no | ||||||
18 | such facts or information are known to the applicant; | ||||||
19 | (4) a certified copy of the affidavit of severance | ||||||
20 | provided in accordance with Section 55 of the Conveyance | ||||||
21 | and Encumbrance of Manufactured Homes as Real Property Act; | ||||||
22 | and | ||||||
23 | (5) any other information and documents the Secretary | ||||||
24 | of State reasonably requires. | ||||||
25 | (b) Upon satisfaction of the requirements of subsection (a) | ||||||
26 | of this Section and subsection (b) of Section 3-109, the |
| |||||||
| |||||||
1 | Secretary of State shall issue a new certificate of title | ||||||
2 | pursuant to subsection (b) of Section 3-109 and update his or | ||||||
3 | her records in accordance with the provisions of Section 3-106 | ||||||
4 | of this Code. | ||||||
5 | (c) Immediately upon satisfaction of the requirements of | ||||||
6 | this Section and thereafter, a manufactured home shall be | ||||||
7 | conveyed and encumbered as personal property.
| ||||||
8 | (625 ILCS 5/3-202) (from Ch. 95 1/2, par. 3-202)
| ||||||
9 | Sec. 3-202. Perfection of security interest.
| ||||||
10 | (a) Unless excepted by Section 3-201, a security interest | ||||||
11 | in a
vehicle of a type for which a certificate of title is | ||||||
12 | required is not
valid against subsequent transferees or | ||||||
13 | lienholders of the vehicle
unless perfected as provided in this | ||||||
14 | Act. A purchase money security interest in a manufactured home | ||||||
15 | is perfected against the rights of judicial lien creditors and | ||||||
16 | execution creditors on and after the date such purchase money | ||||||
17 | security interest attaches.
| ||||||
18 | (b) A security interest is perfected by the delivery to the
| ||||||
19 | Secretary of State of the existing certificate of title, if | ||||||
20 | any, an
application for a certificate of title containing the | ||||||
21 | name and address
of the lienholder and the
required fee. The | ||||||
22 | security interest is perfected as of the time of
its creation | ||||||
23 | if the
delivery to the Secretary of State is completed within | ||||||
24 | 30 days after the
creation of the security interest or receipt | ||||||
25 | by the new lienholder of the
existing certificate of title from |
| |||||||
| |||||||
1 | a prior lienholder or licensed
dealer, otherwise as of the
time | ||||||
2 | of the delivery.
| ||||||
3 | (c) If a vehicle is subject to a security interest when | ||||||
4 | brought into
this State, the validity of the security interest | ||||||
5 | is determined by the
law of the jurisdiction where the vehicle | ||||||
6 | was when the security interest
attached, subject to the | ||||||
7 | following:
| ||||||
8 | 1. If the parties understood at the time the security | ||||||
9 | interest
attached that the vehicle would be kept in this | ||||||
10 | State and it was brought
into this State within 30 days | ||||||
11 | thereafter for purposes other than
transportation through | ||||||
12 | this State, the validity of the security interest
in this | ||||||
13 | State is determined by the law of this State.
| ||||||
14 | 2. If the security interest was perfected under the law | ||||||
15 | of the
jurisdiction where the vehicle was when the security | ||||||
16 | interest attached,
the following rules apply:
| ||||||
17 | (A) If the name of the lienholder is shown on an | ||||||
18 | existing
certificate of title issued by that | ||||||
19 | jurisdiction, his security interest
continues | ||||||
20 | perfected in this State.
| ||||||
21 | (B) If the name of the lienholder is not shown on | ||||||
22 | an existing
certificate of title issued by that | ||||||
23 | jurisdiction, a security interest
may be perfected by | ||||||
24 | the lienholder delivering to the Secretary of State
the | ||||||
25 | prescribed notice and by payment of the required fee. | ||||||
26 | Such security
interest is perfected as of the time of |
| |||||||
| |||||||
1 | delivery of the prescribed
notice and payment of the | ||||||
2 | required fee.
| ||||||
3 | 3. If the security interest was not perfected under the | ||||||
4 | law of the
jurisdiction where the vehicle was when the | ||||||
5 | security interest attached,
it may be perfected in this | ||||||
6 | State; in that case perfection dates from
the time of | ||||||
7 | perfection in this State.
| ||||||
8 | 4. A security interest may be perfected under paragraph | ||||||
9 | 3 of this
subsection either as provided in subsection (b) | ||||||
10 | or by the lienholder
delivering to the Secretary of State a | ||||||
11 | notice of security interest in
the form the Secretary of | ||||||
12 | State prescribes and the required fee.
| ||||||
13 | (d) Except as otherwise provided in the Conveyance and | ||||||
14 | Encumbrance of Manufactured Homes as Real Property Act and | ||||||
15 | Sections 3-116.1, 3-116.2, and 3-207 of this Code, after a | ||||||
16 | certificate of title has been issued for a manufactured home | ||||||
17 | and as long as the manufactured home is subject to any security | ||||||
18 | interest perfected pursuant to this Section, the Secretary of | ||||||
19 | State shall not file an affidavit of affixation, nor cancel the | ||||||
20 | Manufacturer's Statement of Origin, nor revoke the certificate | ||||||
21 | of title, nor issue a certificate of title under Section 3-106 | ||||||
22 | of this Code; and, in any event, the validity and priority of | ||||||
23 | any security interest perfected pursuant to this Section shall | ||||||
24 | continue, notwithstanding the provision of any other law. | ||||||
25 | (Source: P.A. 95-284, eff. 1-1-08.)
|
| |||||||
| |||||||
1 | (625 ILCS 5/3-205) (from Ch. 95 1/2, par. 3-205)
| ||||||
2 | Sec. 3-205. Release of security interest.
| ||||||
3 | (a) Within 21 days after receiving payment to satisfy a | ||||||
4 | security interest in a vehicle for
which the certificate of | ||||||
5 | title is in the possession of the lienholder,
he shall execute | ||||||
6 | a release of his security interest, and mail
or deliver the | ||||||
7 | certificate and release to the next lienholder named
therein, | ||||||
8 | or, if none, to the owner or any person who delivers to the
| ||||||
9 | lienholder an authorization from the owner to receive the | ||||||
10 | certificate.
If the payment is in the form of cash, a cashier's | ||||||
11 | check, or a
certified check, the number of days is reduced to | ||||||
12 | 10 business days.
If the owner desires a new certificate | ||||||
13 | reflecting no lien, the certificate
and release from the | ||||||
14 | lienholder may be submitted to the Secretary of State,
along | ||||||
15 | with the prescribed application and required fee, for issuance | ||||||
16 | of that
new certificate.
| ||||||
17 | (b) Within 21 days after receiving payment to satisfy a | ||||||
18 | security interest in a vehicle for
which the certificate of | ||||||
19 | title is in the possession of a prior
lienholder, the | ||||||
20 | lienholder whose security interest is satisfied shall
execute a | ||||||
21 | release and deliver the release to the owner or any
person who | ||||||
22 | delivers to the lienholder an authorization from the owner to
| ||||||
23 | receive it. If the payment is in the form of cash, a cashier's | ||||||
24 | check, or a
certified check, the number of days is reduced to | ||||||
25 | 10 business days. The
lienholder in possession of the | ||||||
26 | certificate of title
may either deliver the certificate to the |
| |||||||
| |||||||
1 | owner, or the person
authorized by him, for delivery to the | ||||||
2 | Secretary of State, or, upon
receipt of the release, may mail | ||||||
3 | or may deliver the certificate and release,
along with | ||||||
4 | prescribed application and require fee, to
the Secretary of | ||||||
5 | State, who shall issue a new certificate.
| ||||||
6 | (c) In addition to any other penalty, a lienholder who | ||||||
7 | fails to execute a
release of his or her security interest or | ||||||
8 | who fails to mail or deliver the
certificate and release within | ||||||
9 | the time limit provided in subsection (a) or (b)
is liable to | ||||||
10 | the person or entity that was supposed to receive the release | ||||||
11 | or
certificate for $150 plus reasonable attorney fees and court | ||||||
12 | costs.
An action under this Section may be brought in small | ||||||
13 | claims court or in any
other appropriate court.
| ||||||
14 | (d) The holder of a security interest in or a lien on a | ||||||
15 | manufactured home may deliver lien release documents to any | ||||||
16 | person to facilitate conveying or encumbering the manufactured | ||||||
17 | home. Any person receiving the lien release documents, so | ||||||
18 | delivered, holds the documents in trust for the security | ||||||
19 | interest holder or the lienholder. | ||||||
20 | (Source: P.A. 93-621, eff. 12-15-03.)
| ||||||
21 | (625 ILCS 5/3-207) (from Ch. 95 1/2, par. 3-207)
| ||||||
22 | Sec. 3-207. Exclusiveness of procedure.
| ||||||
23 | The method provided in this act of perfecting and giving | ||||||
24 | notice of
security interests subject to this act is exclusive. | ||||||
25 | Security interests
subject to this act are hereby exempted from |
| |||||||
| |||||||
1 | the provisions of law which
otherwise require or relate to the | ||||||
2 | recording or filing of instruments
creating or evidencing | ||||||
3 | security interests in vehicles including chattel
mortgages and | ||||||
4 | conditional sale agreements ; provided, however, that with | ||||||
5 | respect to a manufactured home that is or will be permanently | ||||||
6 | affixed to real property, upon the recording of an affidavit of | ||||||
7 | affixation pursuant to the Conveyance and Encumbrance of | ||||||
8 | Manufactured Homes as Real Property Act and satisfaction of the | ||||||
9 | requirements of Section 3-116.1 or 3-116.2 of this Code, as | ||||||
10 | applicable, any perfection or termination of a security | ||||||
11 | interest with respect to such permanently affixed property | ||||||
12 | shall be governed by the laws applicable to real property .
| ||||||
13 | (Source: P.A. 76-1586.)
| ||||||
14 | (625 ILCS 5/3-208) (from Ch. 95 1/2, par. 3-208)
| ||||||
15 | Sec. 3-208. Suspension or revocation of certificates.
| ||||||
16 | (a) (1) The Secretary of State may suspend or revoke a | ||||||
17 | certificate of title,
upon notice and reasonable opportunity to | ||||||
18 | be heard in accordance with
Section 2-118, when authorized by | ||||||
19 | any other provision of law or if he
finds:
| ||||||
20 | 1. The certificate of title was fraudulently procured or | ||||||
21 | erroneously
issued, or
| ||||||
22 | 2. The vehicle has been scrapped, dismantled or destroyed.
| ||||||
23 | (2) Except as provided in Section 3-116.2 of this Code, | ||||||
24 | the Secretary of State shall not suspend or revoke a | ||||||
25 | certificate of title to a manufactured home by reason of |
| |||||||
| |||||||
1 | the fact that, at any time, in any manner, it shall have | ||||||
2 | been affixed to real property. | ||||||
3 | (b) Suspension or revocation of a certificate of title does | ||||||
4 | not, in
itself, affect the validity of a security interest | ||||||
5 | noted on it.
| ||||||
6 | (c) When the Secretary of State suspends or revokes a | ||||||
7 | certificate of
title, the owner or person in possession of it | ||||||
8 | shall, immediately upon
receiving notice of the suspension or | ||||||
9 | revocation, mail or deliver the
certificate to the Secretary of | ||||||
10 | State.
| ||||||
11 | (d) The Secretary of State may seize and impound any | ||||||
12 | certificate of
title which has been suspended or revoked.
| ||||||
13 | (Source: P.A. 76-1586.)"; and
| ||||||
14 | on page 9, by inserting after line 9 the following: | ||||||
15 | "Section 105. The Code of Civil Procedure is amended by | ||||||
16 | changing Section 15-1213 as follows:
| ||||||
17 | (735 ILCS 5/15-1213) (from Ch. 110, par. 15-1213)
| ||||||
18 | Sec. 15-1213. Real Estate. "Real estate" means land or any | ||||||
19 | estate or
interest in, over or under land (including minerals, | ||||||
20 | air rights,
structures, fixtures and other things which by | ||||||
21 | custom, usage or law pass
with a conveyance of land though not | ||||||
22 | described or mentioned in the contract
of sale or instrument of | ||||||
23 | conveyance). "Mortgaged real estate" means the
real estate |
| |||||||
| |||||||
1 | which is the subject of a mortgage. "Real Estate" includes a | ||||||
2 | manufactured home as defined in paragraph (53) of Section 9-102 | ||||||
3 | of the Uniform Commercial Code that is real property as defined | ||||||
4 | in Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
5 | Homes as Real Property Act.
| ||||||
6 | (Source: P.A. 84-1462.)
| ||||||
7 | Section 110. The Conveyances Act is amended by changing | ||||||
8 | Section 38 as follows:
| ||||||
9 | (765 ILCS 5/38) (from Ch. 30, par. 37)
| ||||||
10 | Sec. 38.
The term "real estate," as used in this act, shall | ||||||
11 | be construed as
co-extensive in meaning with "lands, tenements | ||||||
12 | and hereditaments," and as
embracing all chattels real. "Real | ||||||
13 | estate" and "real property" include a manufactured home as | ||||||
14 | defined in paragraph (53) of Section 9-102 of the Uniform | ||||||
15 | Commercial Code that is real property as defined in Section 40 | ||||||
16 | of the Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
17 | Property Act. This act shall not be construed so as to
embrace | ||||||
18 | last wills, except as herein expressly provided.
| ||||||
19 | (Source: P.A. 84-551.)
| ||||||
20 | Section 115. The Residential Real Property Disclosure Act | ||||||
21 | is amended by changing Section 5 as follows:
| ||||||
22 | (765 ILCS 77/5)
|
| |||||||
| |||||||
1 | Sec. 5. Definitions. As used in this Act, unless the | ||||||
2 | context otherwise
requires the
following terms have the meaning | ||||||
3 | given in this Section.
| ||||||
4 | "Residential real property" means real property improved | ||||||
5 | with not less
than one nor more than 4 residential dwelling | ||||||
6 | units; units in residential
cooperatives; or, condominium | ||||||
7 | units, including the limited common elements
allocated to the | ||||||
8 | exclusive use thereof that form an integral part of the
| ||||||
9 | condominium unit. The term includes a manufactured home as | ||||||
10 | defined in paragraph (53) of Section 9-102 of the Uniform | ||||||
11 | Commercial Code that is real property as defined in Section 40 | ||||||
12 | of the Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
13 | Property Act.
| ||||||
14 | "Seller" means every person or entity who is an owner, | ||||||
15 | beneficiary of a
trust, contract purchaser or lessee of a | ||||||
16 | ground lease,
who has an interest (legal or equitable) in | ||||||
17 | residential real property.
However, "seller" shall not include
| ||||||
18 | any person who has both (i) never occupied the residential real | ||||||
19 | property and
(ii) never had the management responsibility for | ||||||
20 | the residential real property
nor delegated such | ||||||
21 | responsibility for the residential real property to another
| ||||||
22 | person or entity.
| ||||||
23 | "Prospective buyer" means any person or entity negotiating | ||||||
24 | or offering
to become an owner or lessee of residential real | ||||||
25 | property by means of a
transfer for value to which this Act | ||||||
26 | applies.
|
| |||||||
| |||||||
1 | (Source: P.A. 90-383, eff. 1-1-98.)
| ||||||
2 | Section 120. The Mortgage Act is amended by adding Section | ||||||
3 | 13.1 as follows: | ||||||
4 | (765 ILCS 905/13.1 new) | ||||||
5 | Sec. 13.1. Definition. As used in this Act: | ||||||
6 | "Real estate" and "real property" include a manufactured | ||||||
7 | home as defined in paragraph (53) of Section 9-102 of the | ||||||
8 | Uniform Commercial Code that is real property as defined in | ||||||
9 | Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
10 | Homes as Real Property Act. | ||||||
11 | Section 125. The Joint Tenancy Act is amended by adding | ||||||
12 | Section 5 as follows: | ||||||
13 | (765 ILCS 1005/5 new) | ||||||
14 | Sec. 5. Definition. As used in this Act: | ||||||
15 | "Real estate" and "real property" include a manufactured | ||||||
16 | home as defined in paragraph (53) of Section 9-102 of the | ||||||
17 | Uniform Commercial Code that is real property as defined in | ||||||
18 | Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
19 | Homes as Real Property Act. | ||||||
20 | Section 130. The Interest Act is amended by changing | ||||||
21 | Sections 4, 4.2, and 4a as follows:
|
| |||||||
| |||||||
1 | (815 ILCS 205/4) (from Ch. 17, par. 6404)
| ||||||
2 | Sec. 4. General interest rate.
| ||||||
3 | (1) Except as otherwise provided in Section 4.05, in all | ||||||
4 | written contracts it shall be lawful for the parties to
| ||||||
5 | stipulate or agree that 9% per annum, or any less sum of | ||||||
6 | interest, shall be
taken and paid upon every $100 of money | ||||||
7 | loaned or in any manner due and
owing from any person to any | ||||||
8 | other person or corporation in this state, and
after that rate | ||||||
9 | for a greater or less sum, or for a longer or shorter time,
| ||||||
10 | except as herein provided.
| ||||||
11 | The maximum rate of interest that may lawfully be | ||||||
12 | contracted for is
determined by the law applicable thereto at | ||||||
13 | the time the contract is
made. Any provision in any contract, | ||||||
14 | whether made before or after July
1, 1969, which provides for | ||||||
15 | or purports to authorize, contingent upon a
change in the | ||||||
16 | Illinois law after the contract is made, any rate of
interest | ||||||
17 | greater than the maximum lawful rate at the time the contract
| ||||||
18 | is made, is void.
| ||||||
19 | It is lawful for a state bank or a branch of an | ||||||
20 | out-of-state bank, as those
terms are defined in Section 2 of | ||||||
21 | the Illinois Banking Act, to receive or to
contract to receive
| ||||||
22 | and collect interest and charges at any rate or rates agreed | ||||||
23 | upon by
the bank or branch and the borrower.
It is lawful for a | ||||||
24 | savings bank chartered under the Savings Bank Act or a
savings | ||||||
25 | association chartered under the Illinois Savings and Loan Act |
| |||||||
| |||||||
1 | of 1985
to receive or contract to receive and collect interest | ||||||
2 | and charges at any rate
agreed upon by the savings bank or | ||||||
3 | savings association and the borrower.
| ||||||
4 | It is lawful to receive or to contract to receive and | ||||||
5 | collect
interest and charges as authorized by this Act and as | ||||||
6 | authorized by the
Consumer Installment Loan Act and by the | ||||||
7 | "Consumer Finance Act", approved July
10,
1935, as now or | ||||||
8 | hereafter amended, or by the Payday Loan Reform Act. It is | ||||||
9 | lawful to charge, contract
for, and receive any rate or amount | ||||||
10 | of interest or compensation with
respect to the following | ||||||
11 | transactions:
| ||||||
12 | (a) Any loan made to a corporation;
| ||||||
13 | (b) Advances of money, repayable on demand, to an | ||||||
14 | amount not less
than $5,000, which are made upon warehouse | ||||||
15 | receipts, bills of lading,
certificates of stock, | ||||||
16 | certificates of deposit, bills of exchange, bonds
or other | ||||||
17 | negotiable instruments pledged as collateral security for | ||||||
18 | such
repayment, if evidenced by a writing;
| ||||||
19 | (c) Any credit transaction between a merchandise | ||||||
20 | wholesaler and
retailer; any business loan to a business | ||||||
21 | association or copartnership
or to a person owning and | ||||||
22 | operating a business as sole proprietor or to
any persons | ||||||
23 | owning and operating a business as joint venturers, joint
| ||||||
24 | tenants or tenants in common, or to any limited | ||||||
25 | partnership, or to any
trustee owning and operating a | ||||||
26 | business or whose beneficiaries own and
operate a business, |
| |||||||
| |||||||
1 | except that any loan which is secured (1) by an
assignment | ||||||
2 | of an individual obligor's salary, wages, commissions or
| ||||||
3 | other compensation for services, or (2) by his household | ||||||
4 | furniture or
other goods used for his personal, family or | ||||||
5 | household purposes shall be
deemed not to be a loan within | ||||||
6 | the meaning of this subsection; and
provided further that a | ||||||
7 | loan which otherwise qualifies as a business
loan within | ||||||
8 | the meaning of this subsection shall not be deemed as not | ||||||
9 | so
qualifying because of the inclusion, with other security | ||||||
10 | consisting of
business assets of any such obligor, of real | ||||||
11 | estate occupied by an
individual obligor solely as his | ||||||
12 | residence. The term "business" shall
be deemed to mean a | ||||||
13 | commercial, agricultural or industrial enterprise
which is | ||||||
14 | carried on for the purpose of investment or profit, but | ||||||
15 | shall
not be deemed to mean the ownership or maintenance of | ||||||
16 | real estate
occupied by an individual obligor solely as his | ||||||
17 | residence;
| ||||||
18 | (d) Any loan made in accordance with the provisions of | ||||||
19 | Subchapter I
of Chapter 13 of Title 12 of the United States | ||||||
20 | Code, which is designated
as "Housing Renovation and | ||||||
21 | Modernization";
| ||||||
22 | (e) Any mortgage loan insured or upon which a | ||||||
23 | commitment to insure
has been issued under the provisions | ||||||
24 | of the National Housing Act,
Chapter 13 of Title 12 of the | ||||||
25 | United States Code;
| ||||||
26 | (f) Any mortgage loan guaranteed or upon which a |
| |||||||
| |||||||
1 | commitment to
guaranty has been issued under the provisions | ||||||
2 | of the Veterans' Benefits
Act, Subchapter II of Chapter 37 | ||||||
3 | of Title 38 of the United States Code;
| ||||||
4 | (g) Interest charged by a broker or dealer registered | ||||||
5 | under the
Securities Exchange Act of 1934, as amended, or | ||||||
6 | registered under the
Illinois Securities Law of 1953, | ||||||
7 | approved July 13, 1953, as now or
hereafter amended, on a | ||||||
8 | debit balance in an account for a customer if
such debit | ||||||
9 | balance is payable at will without penalty and is secured | ||||||
10 | by
securities as defined in Uniform Commercial | ||||||
11 | Code-Investment Securities;
| ||||||
12 | (h) Any loan made by a participating bank as part of | ||||||
13 | any loan
guarantee program which provides for loans and for | ||||||
14 | the refinancing of
such loans to medical students, interns | ||||||
15 | and residents and which are
guaranteed by the American | ||||||
16 | Medical Association Education and Research
Foundation;
| ||||||
17 | (i) Any loan made, guaranteed, or insured in accordance | ||||||
18 | with the
provisions of the Housing Act of 1949, Subchapter | ||||||
19 | III of Chapter 8A of
Title 42 of the United States Code and | ||||||
20 | the Consolidated Farm and Rural
Development Act, | ||||||
21 | Subchapters I, II, and III of Chapter 50 of Title 7 of
the | ||||||
22 | United States Code;
| ||||||
23 | (j) Any loan by an employee pension benefit plan, as | ||||||
24 | defined in Section
3 (2) of the Employee Retirement Income | ||||||
25 | Security Act of 1974 (29 U.S.C.A.
Sec. 1002), to an | ||||||
26 | individual participating in such plan, provided that such
|
| |||||||
| |||||||
1 | loan satisfies the prohibited transaction exemption | ||||||
2 | requirements of Section
408 (b) (1) (29 U.S.C.A. Sec. 1108 | ||||||
3 | (b) (1)) or Section 2003 (a) (26 U.S.C.A.
Sec. 4975 (d) | ||||||
4 | (1)) of the Employee Retirement Income Security Act of | ||||||
5 | 1974;
| ||||||
6 | (k) Written contracts, agreements or bonds for deed | ||||||
7 | providing for
installment purchase of real estate , | ||||||
8 | including a manufactured home as defined in paragraph (53) | ||||||
9 | of Section 9-102 of the Uniform Commercial Code that is | ||||||
10 | real property as defined in Section 40 of the Conveyance | ||||||
11 | and Encumbrance of Manufactured Homes as Real Property Act ;
| ||||||
12 | (1) Loans secured by a mortgage on real estate , | ||||||
13 | including a manufactured home as defined in paragraph (53) | ||||||
14 | of Section 9-102 of the Uniform Commercial Code that is | ||||||
15 | real property as defined in Section 40 of the Conveyance | ||||||
16 | and Encumbrance of Manufactured Homes as Real Property Act ;
| ||||||
17 | (m) Loans made by a sole proprietorship, partnership, | ||||||
18 | or corporation to
an employee or to a person who has been | ||||||
19 | offered employment by such sole
proprietorship, | ||||||
20 | partnership, or corporation made for the sole purpose of
| ||||||
21 | transferring an employee or person who has been offered | ||||||
22 | employment to another
office maintained and operated by the | ||||||
23 | same sole proprietorship, partnership,
or corporation;
| ||||||
24 | (n) Loans to or for the benefit of students made by an | ||||||
25 | institution of
higher education.
| ||||||
26 | (2) Except for loans described in subparagraph (a), (c), |
| |||||||
| |||||||
1 | (d),
(e), (f) or (i) of subsection (1) of this Section, and | ||||||
2 | except to the
extent permitted by the applicable statute for | ||||||
3 | loans made pursuant to
Section 4a or pursuant to the Consumer | ||||||
4 | Installment Loan Act:
| ||||||
5 | (a) Whenever the rate of interest exceeds 8% per annum | ||||||
6 | on any
written contract, agreement or bond for deed | ||||||
7 | providing for the installment
purchase of residential real | ||||||
8 | estate, or on any loan secured by a mortgage
on residential | ||||||
9 | real estate, it shall be unlawful to provide for a
| ||||||
10 | prepayment penalty or other charge for prepayment.
| ||||||
11 | (b) No agreement, note or other instrument evidencing a | ||||||
12 | loan
secured by a mortgage on residential real estate, or | ||||||
13 | written contract,
agreement or bond for deed providing for | ||||||
14 | the installment purchase of
residential real estate, may | ||||||
15 | provide for any change in the contract rate of
interest | ||||||
16 | during the term thereof. However, if the Congress of the | ||||||
17 | United
States or any federal agency authorizes any class of | ||||||
18 | lender to enter, within
limitations, into mortgage | ||||||
19 | contracts or written contracts, agreements or
bonds for | ||||||
20 | deed in which the rate of interest may be changed during | ||||||
21 | the
term of the contract, any person, firm, corporation or | ||||||
22 | other entity
not otherwise prohibited from entering into | ||||||
23 | mortgage contracts or
written contracts, agreements or | ||||||
24 | bonds for deed in Illinois may enter
into mortgage | ||||||
25 | contracts or written contracts, agreements or bonds
for | ||||||
26 | deed in which the rate of interest may be changed during |
| |||||||
| |||||||
1 | the term
of the contract, within the same limitations.
| ||||||
2 | (3) In any contract or loan which is secured by a mortgage, | ||||||
3 | deed of
trust, or conveyance in the nature of a mortgage, on | ||||||
4 | residential real
estate, the interest which is computed, | ||||||
5 | calculated, charged, or collected
pursuant to such contract or | ||||||
6 | loan, or pursuant to any regulation or rule
promulgated | ||||||
7 | pursuant to this Act, may not be computed, calculated, charged
| ||||||
8 | or collected for any period of time occurring after the date on | ||||||
9 | which the
total indebtedness, with the exception of late | ||||||
10 | payment penalties, is paid
in full.
| ||||||
11 | For purposes of this Section, a prepayment shall mean the | ||||||
12 | payment of the
total indebtedness, with the exception of late | ||||||
13 | payment penalties if
incurred or charged, on any date before | ||||||
14 | the date specified in the contract
or loan agreement on which | ||||||
15 | the total indebtedness shall be paid in full, or
before the | ||||||
16 | date on which all payments, if timely made, shall have been
| ||||||
17 | made. In the event of a prepayment of the indebtedness which is | ||||||
18 | made on a
date after the date on which interest on the | ||||||
19 | indebtedness was last
computed, calculated, charged, or | ||||||
20 | collected but before the next date on
which interest on the | ||||||
21 | indebtedness was to be calculated, computed, charged,
or | ||||||
22 | collected, the lender may calculate, charge and collect | ||||||
23 | interest on the
indebtedness for the period which elapsed | ||||||
24 | between the date on which the
prepayment is made and the date | ||||||
25 | on which interest on the indebtedness was
last computed, | ||||||
26 | calculated, charged or collected at a rate equal to 1/360 of
|
| |||||||
| |||||||
1 | the annual rate for each day which so elapsed, which rate shall | ||||||
2 | be applied
to the indebtedness outstanding as of the date of | ||||||
3 | prepayment. The lender
shall refund to the borrower any | ||||||
4 | interest charged or collected which
exceeds that which the | ||||||
5 | lender may charge or collect pursuant to the
preceding | ||||||
6 | sentence. The provisions of this amendatory Act of 1985 shall
| ||||||
7 | apply only to contracts or loans entered into on or after the | ||||||
8 | effective
date of this amendatory Act, but shall not apply to | ||||||
9 | contracts or loans
entered into on or after that date that are | ||||||
10 | subject to Section 4a of this
Act, the Consumer Installment | ||||||
11 | Loan Act, the Payday Loan Reform Act, or the Retail Installment | ||||||
12 | Sales
Act, or that provide for the refund of precomputed | ||||||
13 | interest on prepayment
in the manner provided by such Act.
| ||||||
14 | For purposes of this Section, "real estate" and "real | ||||||
15 | property" include a manufactured home as defined in paragraph | ||||||
16 | (53) of Section 9-102 of the Uniform Commercial Code that is | ||||||
17 | real property as defined in Section 40 the Conveyance and | ||||||
18 | Encumbrance of Manufactured Homes as Real Property Act. | ||||||
19 | (Source: P.A. 94-13, eff. 12-6-05; 94-635, eff. 8-22-05; | ||||||
20 | 95-331, eff. 8-21-07.)
| ||||||
21 | (815 ILCS 205/4.2) (from Ch. 17, par. 6407)
| ||||||
22 | Sec. 4.2. Revolving credit; billing statements; | ||||||
23 | disclosures. On a
revolving credit which complies with | ||||||
24 | subparagraphs (a), (b),
(c), (d) and (e) of this Section 4.2, | ||||||
25 | it is lawful for any bank that has its main office or, after |
| |||||||
| |||||||
1 | May 31, 1997,
a branch in this State, a state or federal | ||||||
2 | savings and
loan association with its main office in this | ||||||
3 | State, a state or federal
credit union with its main office in | ||||||
4 | this State, or a lender licensed under
the Consumer Finance | ||||||
5 | Act, the Consumer Installment Loan Act or the Sales
Finance | ||||||
6 | Agency Act, as such Acts are now and hereafter amended, to
| ||||||
7 | receive or contract to receive and collect interest
in any | ||||||
8 | amount or at any rate agreed upon by the parties to the | ||||||
9 | revolving
credit arrangement. It is lawful for any other lender | ||||||
10 | to receive or contract
to receive and collect interest in an | ||||||
11 | amount not in excess of 1 1/2% per
month of either the average | ||||||
12 | daily unpaid balance of the principal of the
debt during the | ||||||
13 | billing cycle, or of the unpaid balance of the debt on
| ||||||
14 | approximately the same day of the billing cycle. If a lender | ||||||
15 | under a revolving
credit arrangement notifies the debtor at | ||||||
16 | least 30 days in advance of any
lawful increase in the amount | ||||||
17 | or rate of interest to be charged under
the revolving credit | ||||||
18 | arrangement, and the debtor, after the effective date
of such | ||||||
19 | notice, incurs new debt pursuant to the revolving credit
| ||||||
20 | arrangement, the increased interest amount or rate may be | ||||||
21 | applied only to
any such new debt incurred under the revolving | ||||||
22 | credit arrangement.
For purposes of determining the balances to | ||||||
23 | which the increased interest
rate applies, all payments and | ||||||
24 | other credits may be deemed to be applied
to the balance | ||||||
25 | existing prior to the change in rate until that balance is
paid | ||||||
26 | in full. The face amount of the
drafts, items, orders for the |
| |||||||
| |||||||
1 | payment of money, evidences of debt, or
similar written | ||||||
2 | instruments received by the lender in connection with the
| ||||||
3 | revolving credit, less the amounts applicable to principal from | ||||||
4 | time to
time paid thereon by the debtor, are the unpaid balance | ||||||
5 | of the debt upon
which the interest is computed. If the billing | ||||||
6 | cycle is not monthly, the
maximum interest rate for the billing | ||||||
7 | cycle is the percentage which bears
the same relation to the | ||||||
8 | monthly percentage provided for in the preceding
sentence as | ||||||
9 | the number of days in the billing cycle bears to 30. For the
| ||||||
10 | purposes of the foregoing computation, a "month" is deemed to | ||||||
11 | be any time
of 30 consecutive days. In addition to the interest | ||||||
12 | charge provided for, it
is lawful to receive, contract for or | ||||||
13 | collect a charge not exceeding 25
cents for each transaction in | ||||||
14 | which a loan or advance is made under the
revolving credit or | ||||||
15 | in lieu of this additional charge an annual fee for the
| ||||||
16 | privilege of receiving and using the revolving credit in an | ||||||
17 | amount not
exceeding $20. In addition, with respect to | ||||||
18 | revolving credit secured by an
interest in real estate, | ||||||
19 | including a manufactured home as defined in paragraph (53) of | ||||||
20 | Section 9-102 of the Uniform Commercial Code that is real | ||||||
21 | property as defined in Section 40 of the Conveyance and | ||||||
22 | Encumbrance of Manufactured Homes as Real Property Act, it is | ||||||
23 | also lawful to receive, contract for or
collect fees lawfully
| ||||||
24 | paid to any public officer or agency to record, file or release | ||||||
25 | the security,
and costs and disbursements actually incurred for | ||||||
26 | any title insurance,
title examination, abstract of title, |
| |||||||
| |||||||
1 | survey, appraisal, escrow fees, and fees
paid to a trustee in | ||||||
2 | connection with a trust deed.
| ||||||
3 | (a) At or before the date a bill or statement is first | ||||||
4 | rendered to the
debtor under a revolving credit arrangement, | ||||||
5 | the lender must mail or
deliver to the debtor a written | ||||||
6 | description of the conditions under which a
charge for interest | ||||||
7 | may be made and the method, including the rate, of
computing | ||||||
8 | these interest charges. The rate of interest must be expressed | ||||||
9 | as
an annual percentage rate.
| ||||||
10 | (b) If during any billing cycle any debit or credit entry | ||||||
11 | is made to a
debtor's revolving credit account, and if at the | ||||||
12 | end of that billing cycle
there is an unpaid balance owing to | ||||||
13 | the lender from the debtor, the lender
must give to the debtor | ||||||
14 | the following information within a reasonable time
after the | ||||||
15 | end of the billing cycle:
| ||||||
16 | (i) the unpaid balance at the beginning of the billing | ||||||
17 | cycle;
| ||||||
18 | (ii) the date and amount of all loans or advances made | ||||||
19 | during the
billing cycle, which information may be supplied | ||||||
20 | by enclosing a copy of the
drafts, items, orders for the | ||||||
21 | payment of money, evidences of debt or
similar written | ||||||
22 | instruments presented to the lender during the billing
| ||||||
23 | cycle;
| ||||||
24 | (iii) the payments by the debtor to the lender and any | ||||||
25 | other credits to
the debtor during the billing cycle;
| ||||||
26 | (iv) the amount of interest and other charges, if any, |
| |||||||
| |||||||
1 | charged to the
debtor's account during the billing cycle;
| ||||||
2 | (v) the amount which must be currently paid by the | ||||||
3 | debtor and the date
on which that amount must be paid in | ||||||
4 | order to avoid delinquency;
| ||||||
5 | (vi) the total amount remaining unpaid at the end of | ||||||
6 | the billing cycle
and the right of the debtor to prepay | ||||||
7 | that amount in full without penalty; and
| ||||||
8 | (vii) information required by (iv), (v) and (vi) must | ||||||
9 | be set forth in type of
equal size and equal | ||||||
10 | conspicuousness.
| ||||||
11 | (c) The revolving credit arrangement may provide for the | ||||||
12 | payment by the
debtor and receipt by the lender of all costs | ||||||
13 | and disbursements, including
reasonable attorney's fees, | ||||||
14 | incurred by the lender in legal proceedings to
collect or | ||||||
15 | enforce the debt in the event of delinquency by the debtor or | ||||||
16 | in
the event of a breach of any obligation of the debtor under | ||||||
17 | the arrangement.
| ||||||
18 | (d) The lender under a revolving credit arrangement may | ||||||
19 | provide credit
life insurance or credit accident and health | ||||||
20 | insurance, or both, with
respect to the debtor and may charge | ||||||
21 | the debtor therefor. Credit life
insurance and credit accident | ||||||
22 | and health insurance, and any charge therefor
made to the | ||||||
23 | debtor, shall comply with Article IX 1/2 of the Illinois
| ||||||
24 | Insurance Code, as now or hereafter amended, and all lawful
| ||||||
25 | requirements of the Director of Insurance
related thereto. This | ||||||
26 | insurance is in force with respect to each loan or
advance made |
| |||||||
| |||||||
1 | under a revolving credit arrangement as soon as the loan or
| ||||||
2 | advance is made. The purchase of this insurance from an agent, | ||||||
3 | broker or
insurer specified by the lender may not be a | ||||||
4 | condition precedent to the
revolving credit arrangement or to | ||||||
5 | the making of any loan or advance thereunder.
| ||||||
6 | (e) Whenever interest is contracted for or received under | ||||||
7 | this Section,
no amount in addition to the charges authorized | ||||||
8 | by this Act may be directly
or indirectly charged, contracted | ||||||
9 | for or received whether as interest,
service charges, costs of | ||||||
10 | investigations or enforcements or otherwise.
| ||||||
11 | (f) The lender under a revolving credit arrangement must
| ||||||
12 | compute at year end the total amount charged to the debtor's
| ||||||
13 | account during the year, including service charges, finance | ||||||
14 | charges,
late charges and any other charges authorized by this | ||||||
15 | Act,
and upon request must furnish such information to the | ||||||
16 | debtor within
30 days after the end of the year, or if the | ||||||
17 | account has been
terminated during such year, may give such | ||||||
18 | requested information within
30 days after such termination. | ||||||
19 | The lender shall annually inform the debtor
of his right to | ||||||
20 | obtain such information.
| ||||||
21 | (g) A lender who complies with the federal Truth in Lending | ||||||
22 | Act, amendments
thereto, and any regulations issued or which | ||||||
23 | may be issued thereunder, shall
be deemed to be in compliance | ||||||
24 | with the provisions of subparagraphs (a) and
(b) of this | ||||||
25 | Section.
| ||||||
26 | (h) Anything in this Section 4.2 to the contrary |
| |||||||
| |||||||
1 | notwithstanding, if
the Congress of the United States or any | ||||||
2 | federal agency authorizes any
class of lenders to enter, within | ||||||
3 | limitations, into a revolving credit
arrangement secured by a | ||||||
4 | mortgage or deed of trust on residential real
property, any | ||||||
5 | person, firm, corporation or other entity, not otherwise
| ||||||
6 | prohibited by the Congress of the United States or any federal | ||||||
7 | agency from
entering into revolving credit arrangements | ||||||
8 | secured by a mortgage or deed
of trust on residential real | ||||||
9 | property, may enter into such arrangements
within the same | ||||||
10 | limitations.
| ||||||
11 | (Source: P.A. 89-208, eff. 9-29-95.)
| ||||||
12 | (815 ILCS 205/4a) (from Ch. 17, par. 6410)
| ||||||
13 | Sec. 4a. Installment loan rate.
| ||||||
14 | (a) On money loaned to or in any manner owing from any | ||||||
15 | person, whether
secured or unsecured, except where the money | ||||||
16 | loaned or in any manner owing
is directly or indirectly for the | ||||||
17 | purchase price of real estate or an
interest therein and is | ||||||
18 | secured by a lien on or retention of title to that
real estate | ||||||
19 | or interest therein, to an amount not more than $25,000
| ||||||
20 | (excluding interest) which is evidenced by a written instrument | ||||||
21 | providing
for the payment thereof in 2 or more periodic | ||||||
22 | installments over a period of
not more than 181 months from the | ||||||
23 | date of the execution of the written
instrument, it is lawful | ||||||
24 | to receive or to contract to receive and collect
either:
| ||||||
25 | (i) interest in an amount equivalent to interest |
| |||||||
| |||||||
1 | computed at a rate not
exceeding 9% per year on the entire | ||||||
2 | principal amount of the money loaned or
in any manner owing | ||||||
3 | for the period from the date of the making of the loan
or | ||||||
4 | the incurring of the obligation for the amount owing | ||||||
5 | evidenced by the
written instrument until the date of the | ||||||
6 | maturity of the last installment
thereof, and to add that | ||||||
7 | amount to the principal, except that there shall
be no | ||||||
8 | limit on the rate of interest which may be received or | ||||||
9 | contracted to
be received and collected by (1) any bank | ||||||
10 | that has its main office
or, after May 31, 1997, a branch | ||||||
11 | in this State; (2) a savings and loan
association chartered | ||||||
12 | under the
Illinois Savings and Loan Act of 1985, a savings | ||||||
13 | bank chartered under the
Savings Bank Act, or a federal | ||||||
14 | savings and loan
association established under the laws of | ||||||
15 | the United States and having its
main office in this State; | ||||||
16 | or (3) any lender licensed under either the
Consumer | ||||||
17 | Finance Act or the Consumer Installment Loan Act, but in | ||||||
18 | any case in which interest is received,
contracted for or | ||||||
19 | collected on the basis of this clause (i), the debtor may
| ||||||
20 | satisfy in full at any time before maturity the debt | ||||||
21 | evidenced by the
written instrument, and in so satisfying | ||||||
22 | must receive a refund credit
against the total amount of | ||||||
23 | interest added to the principal computed in
the manner | ||||||
24 | provided under Section 15(f)(3) of the Consumer | ||||||
25 | Installment
Loan Act for refunds or credits of applicable | ||||||
26 | interest on payment in full
of precomputed loans before the |
| |||||||
| |||||||
1 | final installment due date; or
| ||||||
2 | (ii) interest accrued on the principal balance from | ||||||
3 | time to time
remaining unpaid, from the date of making of | ||||||
4 | the loan or the incurring of
the obligation to the date of | ||||||
5 | the payment of the debt in full, at a rate
not exceeding | ||||||
6 | the annual percentage rate equivalent of the rate permitted
| ||||||
7 | to be charged under clause (i) above, but in any such case | ||||||
8 | the debtor may,
provided that the debtor shall have paid in | ||||||
9 | full all interest and other
charges accrued to the date of | ||||||
10 | such prepayment, prepay the principal
balance in full or in | ||||||
11 | part at any time, and interest shall, upon any such
| ||||||
12 | prepayment, cease to accrue on the principal amount which | ||||||
13 | has been prepaid.
| ||||||
14 | (b) Whenever the principal amount of an installment loan is | ||||||
15 | $300 or
more and the repayment period is 6 months or more, a | ||||||
16 | minimum charge of
$15 may be collected instead of interest, but | ||||||
17 | only one minimum charge
may be collected from the same person | ||||||
18 | during one year. When the
principal amount of the loan | ||||||
19 | (excluding interest) is $800 or less, the
lender or creditor | ||||||
20 | may contract for and receive a service charge not to
exceed $5 | ||||||
21 | in addition to interest; and that service charge may be
| ||||||
22 | collected when the loan is made, but only one service charge | ||||||
23 | may be
contracted for, received, or collected from the same | ||||||
24 | person during one year.
| ||||||
25 | (c) Credit life insurance and credit accident and health | ||||||
26 | insurance,
and any charge therefor which is deducted from the |
| |||||||
| |||||||
1 | loan or paid by the
obligor, must comply with Article IX 1/2 of | ||||||
2 | the Illinois Insurance
Code and all lawful requirements of the | ||||||
3 | Director of Insurance related
thereto. When there are 2 or more | ||||||
4 | obligors on the loan contract, only
one charge for credit life | ||||||
5 | insurance and credit accident and health
insurance may be made | ||||||
6 | and only one of the obligors may be required to be
insured. | ||||||
7 | Insurance obtained from, by or through the lender or creditor
| ||||||
8 | must be in effect when the loan is transacted. The purchase of | ||||||
9 | that
insurance from an agent, broker or insurer specified by | ||||||
10 | the lender or
creditor may not be a condition precedent to the | ||||||
11 | granting of the loan.
| ||||||
12 | (d) The lender or creditor may require the obligor to | ||||||
13 | provide
property insurance on security other than household | ||||||
14 | goods, furniture and
personal effects. The amount and term of | ||||||
15 | the insurance must be
reasonable in relation to the amount and | ||||||
16 | term of the loan contract and
the type and value of the | ||||||
17 | security, and the insurance must be procured
in accordance with | ||||||
18 | the insurance laws of this State. The purchase of
that | ||||||
19 | insurance from an agent, broker or insurer specified by the | ||||||
20 | lender
or creditor may not be a condition precedent to the | ||||||
21 | granting of the loan.
| ||||||
22 | (e) The lender or creditor may, if the contract provides, | ||||||
23 | collect a
delinquency and collection charge on each installment | ||||||
24 | in default for a
period of not less than 10 days in an amount | ||||||
25 | not exceeding 5% of the
installment on installments in excess | ||||||
26 | of $200 or $10 on
installments of
$200 or less, but only one |
| |||||||
| |||||||
1 | delinquency and collection charge may
be
collected on any | ||||||
2 | installment regardless of the period during which it
remains in | ||||||
3 | default. In addition, the contract may provide for the payment
| ||||||
4 | by the borrower or debtor of attorney's fees incurred by the | ||||||
5 | lender or
creditor. The lender or creditor may enforce such a | ||||||
6 | provision to the extent
of the reasonable attorney's fees | ||||||
7 | incurred by him in the collection or
enforcement of the | ||||||
8 | contract or obligation. Whenever interest is contracted
for or | ||||||
9 | received under this Section, no amount in addition to the | ||||||
10 | charges
authorized by this Section may be directly or | ||||||
11 | indirectly charged,
contracted for or received, except lawful | ||||||
12 | fees paid to a public officer or
agency to record, file or | ||||||
13 | release security, and except costs and
disbursements including | ||||||
14 | reasonable attorney's fees, incurred in legal
proceedings to | ||||||
15 | collect a loan or to realize on a security after default.
This | ||||||
16 | Section does not prohibit the receipt of any commission, | ||||||
17 | dividend or
other benefit by the creditor or an employee, | ||||||
18 | affiliate or associate of the
creditor from the insurance | ||||||
19 | authorized by this Section.
| ||||||
20 | (f) When interest is contracted for or received under this | ||||||
21 | Section,
the lender must disclose the following items to the | ||||||
22 | obligor in a written
statement before the loan is consummated:
| ||||||
23 | (1) the amount and date of the loan contract;
| ||||||
24 | (2) the amount of loan credit using the term "amount | ||||||
25 | financed";
| ||||||
26 | (3) every deduction from the amount financed or payment |
| |||||||
| |||||||
1 | made by the
obligor for insurance and the type of insurance | ||||||
2 | for which each deduction
or payment was made;
| ||||||
3 | (4) every other deduction from the loan or payment made | ||||||
4 | by the
obligor in connection with obtaining the loan;
| ||||||
5 | (5) the date on which the finance charge begins to | ||||||
6 | accrue if
different from the date of the transaction;
| ||||||
7 | (6) the total amount of the loan charge for the | ||||||
8 | scheduled term of
the loan contract with a description of | ||||||
9 | each amount included using the
term "finance charge";
| ||||||
10 | (7) the finance charge expressed as an annual | ||||||
11 | percentage rate using
the term "annual percentage rate". | ||||||
12 | "Annual percentage rate" means the
nominal annual | ||||||
13 | percentage rate of finance charge determined in accordance
| ||||||
14 | with the actuarial method of computation with an accuracy | ||||||
15 | at least to the
nearest 1/4 of 1%; or at the option of the | ||||||
16 | lender by application of the
United States rule so that it | ||||||
17 | may be disclosed with an accuracy at least to
the nearest | ||||||
18 | 1/4 of 1%;
| ||||||
19 | (8) the number, amount and due dates or periods of | ||||||
20 | payments
scheduled to repay the loan and the sum of such | ||||||
21 | payments using the term
"total of payments";
| ||||||
22 | (9) the amount, or method of computing the amount of | ||||||
23 | any default,
delinquency or similar charges payable in the | ||||||
24 | event of late payments;
| ||||||
25 | (10) the right of the obligor to prepay the loan and | ||||||
26 | the fact that
such prepayment will reduce the charge for |
| |||||||
| |||||||
1 | the loan;
| ||||||
2 | (11) a description or identification of the type of any | ||||||
3 | security
interest held or to be retained or acquired by the | ||||||
4 | lender in connection
with the loan and a clear | ||||||
5 | identification of the property to which the
security | ||||||
6 | interest relates. If after-acquired property will be | ||||||
7 | subject to
the security interest, or if other or future | ||||||
8 | indebtedness is or may be
secured by any such property, | ||||||
9 | this fact shall be clearly set forth in
conjunction with | ||||||
10 | the description or identification of the type of
security | ||||||
11 | interest held, retained or acquired;
| ||||||
12 | (12) a description of any penalty charge that may be | ||||||
13 | imposed by the
lender for prepayment of the principal of | ||||||
14 | the obligation with an
explanation of the method of | ||||||
15 | computation of such penalty and the
conditions under which | ||||||
16 | it may be imposed;
| ||||||
17 | (13) unless the contract provides for the accrual and | ||||||
18 | payment of the
finance charge on the balance of the amount | ||||||
19 | financed from time to time
remaining unpaid, an | ||||||
20 | identification of the method of computing any
unearned | ||||||
21 | portion of the finance charge in the event of prepayment of | ||||||
22 | the
loan.
| ||||||
23 | The terms "finance charge" and "annual percentage rate" | ||||||
24 | shall be
printed more conspicuously than other terminology | ||||||
25 | required by this Section.
| ||||||
26 | (g) At the time disclosures are made, the lender shall |
| |||||||
| |||||||
1 | deliver to
the obligor a duplicate of the instrument or | ||||||
2 | statement by which the
required disclosures are made and on | ||||||
3 | which the lender and obligor are
identified and their addresses | ||||||
4 | stated. All of the disclosures shall be
made clearly, | ||||||
5 | conspicuously and in meaningful sequence and made together
on | ||||||
6 | either:
| ||||||
7 | (i) the note or other instrument evidencing the | ||||||
8 | obligation on the
same side of the page and above or | ||||||
9 | adjacent to the place for the
obligor's signature; however, | ||||||
10 | where a creditor elects to combine
disclosures with the | ||||||
11 | contract, security agreement, and evidence of a
| ||||||
12 | transaction in a single document, the disclosures required | ||||||
13 | under this
Section shall be made on the face of the | ||||||
14 | document, on the reverse side,
or on both sides, provided | ||||||
15 | that the amount of the finance charge and the
annual | ||||||
16 | percentage rate shall appear on the face of the document, | ||||||
17 | and, if
the reverse side is used, the printing on both | ||||||
18 | sides of the document
shall be equally clear and | ||||||
19 | conspicuous, both sides shall contain the
statement, | ||||||
20 | "NOTICE: See other side for important information", and the
| ||||||
21 | place for the customer's signature shall be provided | ||||||
22 | following the full
content of the document; or
| ||||||
23 | (ii) one side of a separate statement which identifies | ||||||
24 | the
transaction.
| ||||||
25 | The amount of the finance charge shall be determined as the | ||||||
26 | sum of
all charges, payable directly or indirectly by the |
| |||||||
| |||||||
1 | obligor and imposed
directly or indirectly by the lender as an | ||||||
2 | incident to or as a condition
to the extension of credit, | ||||||
3 | whether paid or payable by the obligor, any
other person on | ||||||
4 | behalf of the obligor, to the lender or to a third
party, | ||||||
5 | including any of the following types of charges:
| ||||||
6 | (1) Interest, time price differential, and any amount | ||||||
7 | payable under
a discount or other system of additional | ||||||
8 | charges.
| ||||||
9 | (2) Service, transaction, activity, or carrying | ||||||
10 | charge.
| ||||||
11 | (3) Loan fee, points, finder's fee, or similar charge.
| ||||||
12 | (4) Fee for an appraisal, investigation, or credit | ||||||
13 | report.
| ||||||
14 | (5) Charges or premiums for credit life, accident, | ||||||
15 | health, or loss
of income insurance, written in connection | ||||||
16 | with any credit transaction
unless (a) the insurance | ||||||
17 | coverage is not required by the lender and this
fact is | ||||||
18 | clearly and conspicuously disclosed in writing to the | ||||||
19 | obligor;
and (b) any obligor desiring such insurance | ||||||
20 | coverage gives specific dated
and separately signed | ||||||
21 | affirmative written indication of such desire after
| ||||||
22 | receiving written disclosure to him of the cost of such | ||||||
23 | insurance.
| ||||||
24 | (6) Charges or premiums for insurance, written in | ||||||
25 | connection with
any credit transaction, against loss of or | ||||||
26 | damage to property or against
liability arising out of the |
| |||||||
| |||||||
1 | ownership or use of property, unless a
clear, conspicuous, | ||||||
2 | and specific statement in writing is furnished by
the | ||||||
3 | lender to the obligor setting forth the cost of the | ||||||
4 | insurance if
obtained from or through the lender and | ||||||
5 | stating that the obligor may
choose the person through | ||||||
6 | which the insurance is to be obtained.
| ||||||
7 | (7) Premium or other charges for any other guarantee or | ||||||
8 | insurance
protecting the lender against the obligor's | ||||||
9 | default or other credit loss.
| ||||||
10 | (8) Any charge imposed by a lender upon another lender | ||||||
11 | for
purchasing or accepting an obligation of an obligor if | ||||||
12 | the obligor is
required to pay any part of that charge in | ||||||
13 | cash, as an addition to the
obligation, or as a deduction | ||||||
14 | from the proceeds of the obligation.
| ||||||
15 | A late payment, delinquency, default, reinstatement or | ||||||
16 | other such
charge is not a finance charge if imposed for actual | ||||||
17 | unanticipated late
payment, delinquency, default or other | ||||||
18 | occurrence.
| ||||||
19 | (h) Advertising for loans transacted under this Section may | ||||||
20 | not be
false, misleading, or deceptive. That advertising, if it | ||||||
21 | states a rate
or amount of interest, must state that rate as an | ||||||
22 | annual percentage rate
of interest charged. In addition, if | ||||||
23 | charges other than for interest are
made in connection with | ||||||
24 | those loans, those charges must be separately
stated. No | ||||||
25 | advertising may indicate or imply that the rates or charges
for | ||||||
26 | loans are in any way "recommended", "approved", "set" or
|
| |||||||
| |||||||
1 | "established" by the State government or by this Act.
| ||||||
2 | (i) A lender or creditor who complies with the federal | ||||||
3 | Truth in Lending
Act, amendments thereto, and any regulations | ||||||
4 | issued or which may be issued
thereunder, shall be deemed to be | ||||||
5 | in compliance with the provisions of
subsections (f), (g) and | ||||||
6 | (h) of this Section.
| ||||||
7 | (j) For purposes of this Section "real estate" includes a | ||||||
8 | manufactured home as defined in paragraph (53) of Section 9-102 | ||||||
9 | of the Uniform Commercial Code that is real property as defined | ||||||
10 | in Section 40 of the Conveyance and Encumbrance of Manufactured | ||||||
11 | Homes as Real Property Act. | ||||||
12 | (Source: P.A. 92-483, eff. 8-23-01.)
| ||||||
13 | Section 135. The Motor Vehicle Retail Installment Sales Act | ||||||
14 | is amended by changing Section 2.1 as follows:
| ||||||
15 | (815 ILCS 375/2.1) (from Ch. 121 1/2, par. 562.1)
| ||||||
16 | Sec. 2.1. | ||||||
17 | "Motor vehicle" means a motor vehicle as defined in The | ||||||
18 | Illinois Vehicle
Code but does not include bicycles, | ||||||
19 | motorcycles, motor scooters,
snowmobiles, trailers , and farm | ||||||
20 | equipment , and a manufactured home as defined in paragraph (53) | ||||||
21 | of Section 9-102 of the Uniform Commercial Code .
| ||||||
22 | (Source: P.A. 77-1167.)
| ||||||
23 | Section 140. The Retail Installment Sales Act is amended by |
| |||||||
| |||||||
1 | changing Section 2.1 as follows:
| ||||||
2 | (815 ILCS 405/2.1) (from Ch. 121 1/2, par. 502.1)
| ||||||
3 | Sec. 2.1.
"Goods" means all goods used or purchased | ||||||
4 | primarily for personal,
family, or household purposes. "Goods" | ||||||
5 | includes goods purchased primarily
for agricultural purposes | ||||||
6 | only for the purposes of the credit disclosure
requirements of | ||||||
7 | this Act. "Goods" includes merchandise certificates or
coupons | ||||||
8 | issued by a retail seller to be used in their face amount in | ||||||
9 | the
purchase of goods or services sold by such a seller but | ||||||
10 | does not include
money or other things in action. It also | ||||||
11 | includes goods which are furnished
or used, at the time of sale | ||||||
12 | or subsequently, in the modernization,
rehabilitation, repair, | ||||||
13 | alteration, improvement, or construction of real
estate so as | ||||||
14 | to become a part of that real estate whether or not severable
| ||||||
15 | therefrom. "Goods" includes a manufactured home as defined in | ||||||
16 | paragraph (53) of Section 9-102 of the Uniform Commercial Code | ||||||
17 | that is not real property as defined in Section 40 of the | ||||||
18 | Conveyance and Encumbrance of Manufactured Homes as Real | ||||||
19 | Property Act. "Goods" does not include a motor vehicle as | ||||||
20 | defined in The
Illinois Vehicle Code, but does include | ||||||
21 | bicycles, motorcycles, motor
scooters, snowmobiles and | ||||||
22 | trailers when purchased primarily for personal,
family or | ||||||
23 | household purposes. "Goods" does not include goods used or
| ||||||
24 | purchased primarily for business or commercial purposes.
| ||||||
25 | (Source: P.A. 77-1166.)"; and
|
| |||||||
| |||||||
1 | on page 9, line 10 by changing "98" to "998"; and | ||||||
2 | on page 9, by replacing line 11 with the following; | ||||||
3 | "Act to Sections 3-626, 3-638, 3-645, 3-647, 3-650, and 3-680 | ||||||
4 | of the Illinois Vehicle Code apply beginning"; and | ||||||
5 | on page 9, line 13 by changing "99" to "999".
|