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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB0211 Introduced 1/31/2023, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Banking Act. Provides that a bank or financial institution that has provided a loan for the purchase of personal property and attached a lien on that property shall deliver to the lienee a certificate of release, for recording, within 10 days after receipt of total payment pursuant to the bank's or financial institution's written payoff statement.
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| | A BILL FOR |
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| | SB0211 | | LRB103 25925 BMS 52276 b |
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1 | | AN ACT concerning regulation.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Banking Act is amended by adding |
5 | | Section 48.7 as follows: |
6 | | (205 ILCS 5/48.7 new) |
7 | | Sec. 48.7. Release of lien. A bank or financial |
8 | | institution that has provided a loan for the purchase of |
9 | | personal property and attached a lien on that property shall |
10 | | deliver to the lienee a certificate of release, for recording, |
11 | | within 10 days after receipt of total payment pursuant to the |
12 | | bank's or financial institution's written payoff statement.
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