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90_SB0621
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.
LRB9002928JSpc
LRB9002928JSpc
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.