HB5160 95TH GENERAL ASSEMBLY 






 

 		











95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5160


 
Introduced , by Rep. Ruth Munson
 
SYNOPSIS AS INTRODUCED:
 		













765 ILCS 905/4.5 new










    Amends the Mortgage Act.  Provides that any person who is required to pay or deliver funds to complete a real estate closing shall do so at the closing. Provides a definition of a real estate closing. Provides that a person who wants to make a wire  transfer at a closing shall make contact with the person or entity that will receive the funds prior to the closing to determine if a wire transfer can be made and, if so, the details of effecting  the transfer. Provides that a person who fails to make any required payment at a closing is liable to any party involved in the closing who incurs a loss or expense because of the failure to make the payment at the closing, plus costs and reasonable attorney's fees. Effective immediately.



















LRB095 18258 AJO 44342 b

















 


 


A BILL FOR









 











HB5160

LRB095 18258 AJO 44342 b






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    AN ACT concerning civil law.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Mortgage Act is amended  by adding Section 
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4.5 as follows:
 
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    (765 ILCS 905/4.5  new)
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    Sec. 4.5. Timely payment of sums due.
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    (a)    Any person who is to pay or deliver funds as part of a 
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real estate closing shall do so at the time of the closing.
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    (b)    For purposes of this Section, "real estate closing"  or 
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"closing" means the conclusion of a real estate sale or 
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transaction or the refinancing of a real estate loan at which 
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time funds are paid and documents to conclude the transaction 
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are executed.
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    (c)    A person who has an obligation to pay or deliver funds 
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at the time of a closing who prefers to deliver the funds by a 
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wire transfer shall contact, at least one day in advance of the 
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closing,  the person or entity that is to receive those funds to 
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determine whether a wire transfer is an acceptable means of 
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transferring funds  and, if so, the

details of how to complete a 
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wire transfer for the closing.
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    (d)    A person with an obligation to pay or deliver funds to 
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complete a closing who fails to do so at the time of the 
 


 






HB5160
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LRB095 18258 AJO 44342 b




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closing shall be liable for any actual damages to any party 
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involved in the real estate closing who incurs any expense or 
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loss because of the person's failure to pay

or deliver funds at 
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the time of the closing, plus costs and reasonable attorney's 
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fees.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.