Illinois General Assembly - Full Text of Public Act 101-0097
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Public Act 101-0097


 

Public Act 0097 101ST GENERAL ASSEMBLY

  
  
  

 


 
Public Act 101-0097
 
HB2699 EnrolledLRB101 09637 LNS 54735 b

    AN ACT concerning civil law.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Mortgage Act is amended by changing Sections
2 and 4 as follows:
 
    (765 ILCS 905/2)  (from Ch. 95, par. 52)
    Sec. 2. Every mortgagee of real property, his or her
assignee of record, or other legal representative, having
received full satisfaction and payment of all such sum or sums
of money as are really due to him or her from the mortgagor,
and every trustee, or his or her successor in trust, in a deed
of trust in the nature of a mortgage, the notes, bonds or other
indebtedness secured thereby having been fully paid before
September 7, 1973, shall, at the request of the mortgagor, or
grantor in a deed of trust in the nature of a mortgage, his or
her heirs, legal representatives or assigns, or a person
authorized by such mortgagor, grantor, heir, legal
representative, or assign, in case such mortgage or trust deed
has been recorded or registered, make, execute and deliver to
the mortgagor or grantor in a deed of trust in the nature of a
mortgage, his or her heirs, legal representatives or assigns,
or a person authorized by the mortgagor, grantor, heir, legal
representative, or assign, an instrument in writing executed in
conformity with the provisions of this Section section
releasing such mortgage or deed of trust in the nature of a
mortgage, which release shall be entitled to be recorded or
registered and the recorder or registrar upon receipt of such a
release and the payment of the recording fee therefor shall
record or register the same.
    Mortgages of real property and deeds of trust in the nature
of a mortgage shall be released of record only in the manner
provided herein or as provided in the Mortgage Certificate of
Release Act; however, nothing contained in this Act shall in
any manner affect the validity of any release of a mortgage or
deed of trust made prior to January 1, 1952 on the margin of
the record.
    Except in the case of a mortgage that is required to be
released under the Mortgage Certificate of Release Act, every
mortgagee of real property, his or her assignee of record, or
other legal representative, having received full satisfaction
and payment of all such sum or sums of money as are really due
to him or her from the mortgagor, and every trustee, or his or
her successor in trust, in a deed of trust in the nature of a
mortgage, the notes, bonds or other indebtedness secured
thereby having been fully paid after September 7, 1973, shall
make, execute and deliver to the mortgagor or grantor in a deed
of trust in the nature of a mortgage, his or her heirs, legal
representatives or assigns, or person authorized by such
mortgagor, grantor, heir, legal representative, or assign, an
instrument in writing releasing such mortgage or deed of trust
in the nature of a mortgage or shall deliver that release to
the recorder or registrar for recording or registering. If the
release is delivered to the mortgagor or grantor, it must have
imprinted on its face in bold letters at least 1/4 inch in
height the following: "FOR THE PROTECTION OF THE OWNER, THIS
RELEASE SHALL BE FILED WITH THE RECORDER OR THE REGISTRAR OF
TITLES IN WHOSE OFFICE THE MORTGAGE OR DEED OF TRUST WAS
FILED". The recorder, or registrar, upon receipt of such a
release and the payment of the recording or registration fee,
shall record or register the release. A certificate of release
issued and recorded by a title insurance company or its duly
appointed agent pursuant to the Mortgage Certificate of Release
Act shall satisfy the requirements of this Section 2.
(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)
 
    (765 ILCS 905/4)  (from Ch. 95, par. 54)
    Sec. 4. If any mortgagee or trustee, in a deed in the
nature of a mortgage, of real property, or his or her executor
or administrator, heirs or assigns, knowing the same to be
paid, shall not, within 30 days one month after the payment of
the debt secured by such mortgage or trust deed, comply with
the requirements of Section 2 of this Act, he or she shall, for
every such offense, be liable for and pay to the party
aggrieved the sum of $200 which may be recovered by the party
aggrieved in a civil action, together with reasonable
attorney's fees. In any such action, introduction of a loan
payment book or receipt which indicates that the obligation has
been paid shall be sufficient evidence to raise a presumption
that the obligation has been paid. Upon a finding for the party
aggrieved, the court shall order the mortgagee or trustee, or
his or her executor or administrator, heirs or assigns, to
make, execute and deliver the release as provided in Section 2
of this Act. The successor in interest to the mortgagee or
trustee in a deed in the nature of a mortgage shall not be
liable for the penalty prescribed in this Section if he or she
complies with the requirements of Section 2 of this Act within
30 days one month after succeeding to the interest.
(Source: P.A. 78-587.)

Effective Date: 1/1/2020