Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

765 ILCS 935/5

(765 ILCS 935/5)

Sec. 5.

Definitions.

As used in this Act:

"Hold-harmless agreement" means a letter whereby a title insurance company,
as defined in the Title Insurance Act, agrees to indemnify another title
insurance company preparing to insure a present transaction that the
indemnifying title insurance company has previously insured over without
taking an exception to its title insurance policy for matters remaining of
record, such as a previously paid but unreleased mortgage. A model form of a
hold-harmless agreement is set forth in Section 70 of this Act.

"Mortgage" means a mortgage or mortgage lien on an interest in one-to-four
family residential real property
in this State given to secure a loan in the original principal amount of
less than $500,000.
Trust deeds are not included.

"Mortgagee" means either: (i) the grantee of a mortgage; or (ii) if a
mortgage has been assigned of record, the last person to whom the mortgage has
been assigned of record.

"Mortgage servicer" means the last person to whom a mortgagor or the
mortgagor's successor in interest has been instructed by a mortgagee to send
payments on a loan secured by a mortgage. A person
transmitting a payoff
statement is the mortgage servicer for the mortgage described in the payoff
statement.

"Mortgagor" means the grantor of a mortgage.

"Payoff statement" means a statement for the amount of the (i) unpaid balance
of a loan secured by a mortgage, including principal, interest, and any other
charges due under or secured by the mortgage; and (ii) interest on a per day
basis for the unpaid balance.

"Record" means to deliver the certificate of release for recording with the
county recorder.

"Title insurance agent" has the same meaning ascribed to it as in Section 3
of the Title Insurance Act.

"Title insurance company" has the same meaning ascribed to it as in
Section 3 of the Title Insurance Act.

(Source: P.A. 92-765, eff. 8-6-02; 93-428, eff. 12-31-03.)