State of Illinois
90th General Assembly
Legislation

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[ Engrossed ][ Senate Amendment 001 ]

90_SJ0018

                                              SRS90SJ0001PMch
 1                       SENATE JOINT RESOLUTION
 2        WHEREAS, The State of  Illinois  has  a  long  and  proud
 3    tradition   of  having  documents  affecting  title  to  real
 4    property recorded locally  within  the  offices  of  the  102
 5    county  clerks  and  recorders  in which the real property is
 6    situated; and
 7        WHEREAS, The Illinois  General  Assembly  finds  that  in
 8    order to preserve the integrity of the county land records it
 9    is  necessary  to maintain free and public access to all such
10    land records; and
11    WHEREAS, The Illinois General Assembly is  aware  of  growing
12    and   changing   national   and   international   markets  in
13    land-secured financing, and of the development of  electronic
14    data  systems  to  service  such  national  and international
15    markets; and
16    WHEREAS,  The  Illinois  General  Assembly  understands  that
17    Illinois mortgage  financing  of  residential  properties  in
18    particular  is dependent upon the national secondary mortgage
19    markets which affect the cost and  availability  of  mortgage
20    funds for Illinois mortgage customers; and
21    WHEREAS,  The  Illinois  General  Assembly  strongly supports
22    cooperation between the private sector and  State  and  local
23    government  agencies  that  provide  necessary  services that
24    support  economic  and  financial  enterprises  in  our  free
25    enterprise system; and
26        WHEREAS, The Illinois General Assembly  understands  that
27    the  Mortgage  Electronic  Registration  System,  Inc.  (MERS
28    Inc.) has proposed to serve as a national  clearinghouse  for
29    electronic  tracking  of  beneficial  ownership and servicing
30    rights in mortgages after recording the mortgage and  initial
31    assignment  with  the  appropriate  recorder  of deeds in the
                            -2-               SRS90SJ0001PMch
 1    county in which the real property is situated; and
 2        WHEREAS, The Illinois General Assembly does not  envision
 3    that  any  electronic  system  of  mortgage registration will
 4    replicate or replace  current  statutory  requirements  which
 5    guide   the   physical  recording  of  land  title  documents
 6    affecting title to real property: therefore be it
 7        RESOLVED, BY THE SENATE OF THE NINETIETH GENERAL ASSEMBLY
 8    OF THE  STATE  OF  ILLINOIS,  THE  HOUSE  OF  REPRESENTATIVES
 9    CONCURRING HEREIN, That  the implementation of any electronic
10    system  of mortgage registration in Illinois shall be carried
11    out in a fashion  that  will  not  impede  these  fundamental
12    guidelines  for  recording  documents affecting title to real
13    property with the county clerk or recorder; and be it further
14        RESOLVED,  That   any   electronic   registry   of   loan
15    information  shall not affect the current system of recording
16    documents affecting title to real property within the  county
17    in which the real property is situated: and be it further
18        RESOLVED,  That  the General Assembly anticipates a close
19    monitoring and  review  of  the  impact  of  implementing  an
20    electronic system of mortgage registration within Illinois in
21    conjunction  with  the  Illinois  Association  of  Clerks and
22    Recorders on an annual basis beginning in  1997;  and  be  it
23    further
24        RESOLVED,  That  the  General  Assembly  is  prepared  to
25    consider   statutory   protections  through  the  legislative
26    process if there is any disruption to the current  system  of
27    recording  documents  affecting title to real property within
28    the State of Illinois; and be it further
29        RESOLVED, That a suitable  copy  of  this  resolution  be
30    delivered  to  the  Illinois Association of County Clerks and
31    Recorders.

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