Public Act 104-0101

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Public Act 104-0101

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Public Act 0101 104TH GENERAL ASSEMBLY
 

 
Public Act 104-0101
 
SB1443 EnrolledLRB104 07581 JRC 17625 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 adding Section 
17 as follows:
 
    (765 ILCS 905/17 new)
    Sec. 17. Notwithstanding any other provisions of this Act:
        (1) The Act does not abrogate the Illinois common law 
    that the payment in full of a debt secured by a mortgage 
    extinguishes the lien.
        (2) Payment in full of a debt secured by a mortgage 
    pursuant to a payoff statement, as defined in Section 5 of 
    the Mortgage Certificate of Release Act, issued by or on 
    behalf of the holder of the indebtedness extinguishes the 
    lien of the mortgage.
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.

                                        
                                    

                                

                            

                        

                    

                

            

            

                

                    Effective Date: 8/1/2025