BUGIELSKI-COWLISHAW-BLACK-MATHIAS. (WALSH,T) New Act Creates the Mortgage Certificate of Release Act. Provides that an officer or duly appointed agent of a title insurance company may, on behalf of a mortgagor or a specified person, execute a certificate of release and record the certificate of release with the recorder, with certain restrictions. Provides that a certificate of release and the appointment of an agent must be executed, acknowledged, and provide certain information. Provides that, for purposes of releasing the mortgage, a certificate of release containing the required information and statements and properly executed is prima facie evidence of the facts contained therein, is entitled to be recorded with the recorder, and operates as a release of the mortgage described in the certificate of release. Provides that a title insurance company recording a certificate of release that has actual knowledge that the information and statements contained therein are false is liable to the mortgagee for actual damages sustained. HOUSE AMENDMENT NO. 1. Adds reference to: 765 ILCS 905/2 from Ch. 95, par. 52 Deletes everything. Reinserts the bill as introduced with changes. Limits the definition of mortgage to an interest in "one-to-four family residential" real property and provides that trust deeds are not included. Requires written payoff statements. In the title insurance provisions, changes "agent" to "agent or agents". Amends the Mortgage Act to provide that mortgages may be released of record as provided in the Mortgage Certificate of Release Act. SENATE AMENDMENT NO. 1. (Senate recedes May 21, 2002) Provides that a notice of intention to file a certificate of release must state that if the mortgagee or mortgage servicer does not provide notice to the title insurance company or title insurance agent that the amount received for a payoff was inadequate, within 60 days of the receipt of payoff of the loan secured by the mortgage, a certificate of release will be delivered for recording to the recorder of each county in which the mortgage is recorded. Provides that a title insurance company may create an instrument, executed by an officer of that company and acknowledged in the same manner as a deed, appointing one or more title insurance agents authorized to issue certificates of release under this Act. Provides that the instrument shall designate the county or counties in which it is to be effective and shall be recorded with the recorder in each of those counties, either as an original instrument or by recording a copy certified by the recorder of one of the counties. SENATE AMENDMENT NO. 2. (Senate recedes May 21, 2002) Deletes reference to: 765 ILCS 905/2 from Ch. 95, par. 52 Deletes everything. Creates the Mortgage Certificate of Release Act. Contains a short title provision only. CONFERENCE COMMITTEE REPORT NO. 1. Recommends that the Senate recede from S-ams 1 and 2. Recommends that the bill be further amended as follows: Adds reference to: 765 ILCS 905/2 from Ch. 95, par. 52 Deletes everything after the enacting clause. Reinserts the provisions of the bill as amended by the House with several changes. Provides for a standard notice of intention to file a certificate of release form. Provides that the Mortgage Certificate of Release Act is repealed on January 1, 2004. Provides that a title insurance company may create an instrument executed by an officer of the company and acknowledged in the same manner as a deed, appointing one or more title insurance agents, authorized to issue certificates of release under the Mortgage Certificate of Release Act. Provides that the notice of intention to file a certificate of release shall state that if the title insurance company or title insurance agent does not receive from the mortgagee or mortgage servicer or their successor in interest either a release or a written objection to the issuance of a certificate of release, a certificate of release will be delivered for recording to the recorder of each county in which the mortgage is recorded. Provides that the notice of intention shall include a copy of the closing statement or HUD-1 form and the payoff check or a copy of it, or copy of the wire transfer order. Provides that the notice of intention to file a certificate of release shall be sent by certified mail, return receipt requested, with postage prepaid, or by other receipted delivery service no sooner than the day of closing and no later than 30 days after receipt of payment. Provides that the notice shall be delivered to the location identified in the payoff statement or as otherwise directed in writing by the mortgagee or mortgage servicer or their successor in interest. Provides that within 90 days after receipt of the notice of intention to file a certificate of release, the mortgagee or mortgage servicer or their successor in interest may issue a release or may object in writing to the issuance of a certificate of release, and by doing so shall prevent the title insurance company or title insurance agent from executing and recording a certificate of release under the Act. Effective immediately. FEB-22-2001 H FILED WITH CLERK FEB-22-2001 H ADDED AS A JOINT SPONSOR COWLISHAW FEB-22-2001 H FIRST READING FEB-22-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-23-2001 H ASSIGNED TO COMMITTEE FIN INSTIT MAR-06-2001 H ADDED AS A JOINT SPONSOR BLACK MAR-14-2001 H DO PASS/SHORT DEBATE 020-000-000 HFIN MAR-14-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE APR-02-2001 H AMENDMENT NO. 01-BUGIELSKI APR-02-2001 H AMENDMENT REFERRED TO HRUL APR-02-2001 H CALENDAR ORDER 2ND READING-SHORT DEBATE APR-04-2001 H AMENDMENT NO. 01-BUGIELSKI APR-04-2001 H RULES REFERS TO HFIN APR-04-2001 H SECOND READING-SHORT DEBATE APR-04-2001 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-05-2001 H AMENDMENT NO. 01-BUGIELSKI APR-05-2001 H RECOMMENDS BE ADOPTED HFIN/019-000-000 APR-05-2001 H AMENDMENT NO. 01-BUGIELSKI APR-05-2001 H ADOPTED APR-05-2001 H PLCD CAL ORDER 3RD READING-SHORT DEBATE APR-06-2001 H THIRD READING/SHORT DEBATE/PASSED 097-018-000 APR-06-2001 S ARRIVE IN SENATE APR-06-2001 S PLACED CALENDAR ORDER OF FIRST READING 01-04-17 APR-09-2001 S CHIEF SPONSOR WALSH,T APR-10-2001 S FIRST READING APR-10-2001 S REFERRED TO SENATE RULES COMMITTEE RULES MAY-02-2001 S ASSIGNED TO COMMITTEE JUDICIARY MAY-08-2001 S AMENDMENT NO. 01-JUDICIARY S MAY-08-2001 S ADOPTED MAY-09-2001 S DO PASS AS AMENDED 010-000-001 SJUD MAY-09-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-05-10 MAY-16-2001 S SECOND READING MAY-16-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-05-17 MAY-17-2001 S FILED WITH SECRETARY MAY-17-2001 S AMENDMENT NO. 02-WALSH,T MAY-17-2001 S AMENDMENT REFERRED TO SRUL MAY-17-2001 S AMENDMENT NO. 02-WALSH,T MAY-17-2001 S BE APPROVED FOR CONSIDERATION SRUL MAY-17-2001 S RECALLED TO SECOND READING MAY-17-2001 S AMENDMENT NO. 02-WALSH,T MAY-17-2001 S ADOPTED MAY-17-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-05-18 MAY-18-2001 S THIRD READING - PASSED 057-000-000 MAY-18-2001 H ARRIVE IN HOUSE MAY-18-2001 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01,02 MAY-23-2001 H MOTION FILED NON-CONCUR 01,02/BUGIELSKI MAY-23-2001 H CALENDAR ORDER OF CONCURRENCE 01,02 MAY-30-2001 H HSE NON-CONCURS IN SEN AMENDMENTS (NO.) 01,02 MAY-30-2001 S SECRETARYS DESK - NON-CONCURRENCE 01,02 MAY-30-2001 S FILED WITH SECRETARY MAY-30-2001 S MOTION REFUSE RECEDE - SEN AMEND NO 01,02/WALSH,T MAY-31-2001 S SEN REFUSES TO RECEDE FROM AMENDMENT NO 01,02 MAY-31-2001 S SEN REQUESTS CONFERENCE COMMITTEE 1ST NOV-13-2001 S SEN CONFERENCE COMMITTEE APPOINTED 1ST/WALSH,T, NOV-13-2001 S HAWKINSON, DILLARD NOV-13-2001 S CULLERTON, OBAMA FEB-21-2002 H HSE ACCEDE REQUEST CONFERENCE COMMITTEE 1ST FEB-21-2002 H HSE CONFERENCE COMMITTEE APPOINTED 1ST/BUGIELSKI, FEB-21-2002 H CURRIE, BURKE, FEB-21-2002 H TENHOUSE & MEYER APR-10-2002 H HSE CONFERENCE COMMITTEE REPORT SUBMITED 1ST/BUGIELSKI APR-10-2002 H CONFERENCE COMMITTEE REPORT REFERRED TO HRUL APR-10-2002 H RULES REFERS TO HFIN APR-10-2002 S FILED WITH SECRETARY APR-10-2002 S CONFERENCE COMMITTEE REPORT 1ST/WALSH,T APR-10-2002 S CONFERENCE COMMITTEE REPORT REFERRED TO SRUL APR-17-2002 H CONFERENCE COMMITTEE REPORT 1ST/BUGIELSKI APR-17-2002 H RECOMMENDS BE ADOPTED HFIN/015-000-000 APR-17-2002 H CONFERENCE COMMITTEE REPORT 1ST APR-23-2002 H ADDED AS A JOINT SPONSOR MATHIAS APR-23-2002 H HOUSE ADOPTED CONFERENCE REPORT 1ST/113-000-003 MAY-07-2002 S CONFERENCE COMMITTEE REPORT 1ST/WALSH,T MAY-07-2002 S BE APPROVED FOR CONSIDERATION SRUL MAY-21-2002 S SEN CONFERENCE COMMITTEE REPORT SUBMITED 1ST/WALSH,T MAY-21-2002 S SENATE ADOPTED CONFERENCE REPORT 1ST/055-000-000 MAY-21-2002 H BOTH HOUSES ADOPTED CONFERENCE REPORT 1ST MAY-21-2002 H PASSED BOTH HOUSES JUN-19-2002 H SENT TO THE GOVERNOR AUG-06-2002 H GOVERNOR APPROVED AUG-06-2002 H EFFECTIVE DATE 02-08-06 AUG-06-2002 H PUBLIC ACT.............................. 92-0765 END OF INQUIRY Full Text Bill Summary