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| [ Introduced ] | [ Senate Amendment 001 ] |
90_SJ0018eng 90SJ0018 Engrossed 1 SENATE JOINT RESOLUTION NO. 18 2 (As amended by Senate Amendment No. 1) 3 WHEREAS, The State of Illinois has a long and proud 4 tradition of having documents affecting title to real 5 property recorded locally within the offices of the 102 6 county clerks and recorders in which the real property is 7 situated; and 8 WHEREAS, The Illinois General Assembly finds that in 9 order to preserve the integrity of the county land records it 10 is necessary to maintain free and public access to all such 11 land records; and 12 WHEREAS, The Illinois General Assembly is aware of 13 growing and changing national and international markets in 14 land-secured financing, and of the development of electronic 15 data systems to service such national and international 16 markets; and 17 WHEREAS, The Illinois General Assembly understands that 18 Illinois mortgage financing of residential properties in 19 particular is dependent upon the national secondary mortgage 20 markets which affect the cost and availability of mortgage 21 funds for Illinois mortgage customers; and 22 WHEREAS, The Illinois General Assembly strongly supports 23 cooperation between the private sector and State and local 24 government agencies that provide necessary services that 25 support economic and financial enterprises in our free 26 enterprise system; and 27 WHEREAS, The Illinois General Assembly understands that 28 the Mortgage Electronic Registration System, Inc. (MERS 29 Inc.) has proposed to serve as a national clearinghouse for 30 electronic tracking of beneficial ownership and servicing 31 rights in mortgages after recording the mortgage and initial 32 assignment with the appropriate recorder of deeds in the 90SJ0018 Engrossed -2- 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 preamble and 30 resolution be delivered to the Illinois Association of County 31 Clerks and Recorders.