State of Illinois
90th General Assembly

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      New Act
          Creates the Mortgage  Sale  Notification  Act.   Provides
      that  a  mortgage lender must provide notice to the mortgagor
      60  days  before  the  mortgage  is  sold   or   transferred.
      Effective January 1, 1998.
 1        AN ACT to create the Mortgage Sale Notification Act.
 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:
 4        Section 1.  Short title.  This Act may be  cited  as  the
 5    Mortgage Sale Notification Act.
 6        Section  5.  Notice.   An agreement for the mortgage of a
 7    single family  residence  shall  require  that  the  mortgage
 8    lender  must  notify  the mortgagor 60 days in advance of any
 9    sale or transfer of the mortgage to a different lender.   The
10    notification  shall  inform  the mortgagor that he or she may
11    seek  to  renegotiate  or  refinance  the  mortgage  with   a
12    different   mortgage  lender  as  permitted  by  law  and  if
13    permitted under the mortgage contract with the lender.    The
14    notification  shall  state to whom the mortgage is being sold
15    or  transferred,  complete  with  an  address  and  telephone
16    number.
17        Section 99.   Effective  date.   This  Act  takes  effect
18    January 1, 1998.

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