102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3480

 

Introduced 1/19/2022, by Sen. Laura M. Murphy

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/48.7 new

    Amends the Illinois Banking Act. Provides that a bank or financial institution that has provided a loan for the purchase of personal property and attached a lien on that property shall deliver to the lienee a certificate of release, for recording, within 10 days after receipt of total payment pursuant to the bank's or financial institution's written payoff statement.


LRB102 24524 BMS 33758 b

 

 

A BILL FOR

 

SB3480LRB102 24524 BMS 33758 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Banking Act is amended by adding
5Section 48.7 as follows:
 
6    (205 ILCS 5/48.7 new)
7    Sec. 48.7. Release of lien. A bank or financial
8institution that has provided a loan for the purchase of
9personal property and attached a lien on that property shall
10deliver to the lienee a certificate of release, for recording,
11within 10 days after receipt of total payment pursuant to the
12bank's or financial institution's written payoff statement.