Illinois General Assembly - Bill Status for SB2256
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 Bill Status of SB2256  103rd General Assembly


Short Description:  MORT CERTIF RELEASE-PENALTY

Senate Sponsors
Sen. Larry K. Bomke

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
765 ILCS 935/10.5 new


Synopsis As Introduced
Amends the Mortgage Certificate of Release Act. Provides that, if any title insurance company or its duly appointed title insurance agent, knowing the mortgage to be paid pursuant to the lender's written payoff statement, fails to file a certificate of release within one month after the payment of the debt secured by the mortgage or trust deed, the title company shall be liable for and pay to the party aggrieved the sum of $200, for each offense, which may be recovered by the party aggrieved in a civil action together with reasonable attorney's fees. Provides that, in any such action, introduction of a loan payment book or receipt that indicates that the obligation has been paid shall be sufficient evidence to raise a presumption that the obligation has been paid. Provides that, upon a finding for the party aggrieved, the court shall order the title insurance company or its duly appointed title insurance agent, to make, execute, and deliver the certificate of release that complies with the requirements of this Act.

Actions 
DateChamber Action
  1/11/2006SenateFiled with Secretary by Sen. Larry K. Bomke
  1/11/2006SenateFirst Reading
  1/11/2006SenateReferred to Rules
  1/12/2006SenateAssigned to Financial Institutions
  2/2/2006SenatePostponed - Financial Institutions
  2/17/2006SenateRule 3-9(a) / Re-referred to Rules
  1/9/2007SenateSession Sine Die

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