State of Illinois
92nd General Assembly

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[ House Amendment 001 ]



 1        AN ACT in relation to real property.

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

 4        Section 5.  The Conveyances  Act  is  amended  by  adding
 5    Section 11.1 as follows:

 6        (765 ILCS 5/11.1 new)
 7        Sec.   11.1.  Recording  of  liens  on  residential  real
 8    estate.
 9        (a)  As used in this Section:
10             (1)  "Residential  real  estate"  means  a  dwelling
11        consisting of one to 4 family  units  or  that  is  in  a
12        dwelling consisting of condominium or cooperative units.
13             (2)  "Financial  institution"  means  a bank, credit
14        union,  insurance  company,  mortgage  banking   company,
15        savings  bank,  savings  and  loan  association, or other
16        residential real estate lender.
17             (3)  "Residential   mortgage   licensee"   means   a
18        licensee under the Residential Mortgage  License  Act  of
19        1987.
20             (4)  "Real estate appraiser" means a State Certified
21        Residential  Real  Estate  Appraiser,  a  State Certified
22        General Real Estate Appraiser, or a State  Licensed  Real
23        Estate   Appraiser   under   the  Real  Estate  Appraiser
24        Licensing Act.
25        (b)  Every mortgage or deed of trust  in  the  nature  of
26    mortgage relating to the financing of residential real estate
27    that  is  filed  on  or  after  the  effective  date  of this
28    amendatory Act of the 92nd  General  Assembly  must,  to  the
29    extent  applicable,  include in the recording of the mortgage
30    or trust deed the following information:
31             (1)  The name of the financial institution providing
                            -2-                LRB9211374DHgc
 1        the financing to the mortgagor or transferor of the trust
 2        deed and the name of the loan  officer  employed  by  the
 3        financial  institution  who  signed the mortgage or trust
 4        deed on behalf of the financial institution.
 5             (2)  The name of the residential  mortgage  licensee
 6        receiving  compensation  relating to the financing by the
 7        mortgagor or transferor of the trust deed and the name of
 8        the residential mortgage licensee's loan  originator  who
 9        signed  the  mortgage  loan  application  relating to the
10        financing.
11             (3)  The name  of  the  real  estate  appraiser  who
12        provided  the  appraisal  on  which  the financing by the
13        mortgagor or transferor of the trust deed was based.
14        (c)  The county recorder may not record the  mortgage  of
15    any financial institution or residential mortgage licensee if
16    the information required by subsection (b) is not provided.
17        (d)  Failure   to  comply  with  this  Section  does  not
18    invalidate any recording of the mortgage  or  trust  deed  or
19    impair  in  any  way  the  rights, title, or interests of the
20    mortgagee or beneficiary of the trust  deed  or  the  rights,
21    title,  or  interests  of  his  or her successors or assigns,
22    whether  by  sale,  deed,  transfer,  grant,  conveyance,  or
23    otherwise.

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