| Old | New | Differences | |
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| 1 | - | SB1443 EngrossedLRB104 07581 JRC 17625 b SB1443 Engrossed LRB104 07581 JRC 17625 b | |
| 2 | - | SB1443 Engrossed LRB104 07581 JRC 17625 b | |
| 1 | + | 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1443 Introduced 1/31/2025, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED: 765 ILCS 905/17 new Amends the Mortgage Act. Provides that the Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien. Provides that payment in full of a debt secured by a mortgage pursuant to a payoff statement, as defined in the Mortgage Certificate of Release Act, issued by or on behalf of the holder of the indebtedness extinguishes the lien of the mortgage. Effective immediately. LRB104 07581 JRC 17625 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1443 Introduced 1/31/2025, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED: 765 ILCS 905/17 new 765 ILCS 905/17 new Amends the Mortgage Act. Provides that the Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien. Provides that payment in full of a debt secured by a mortgage pursuant to a payoff statement, as defined in the Mortgage Certificate of Release Act, issued by or on behalf of the holder of the indebtedness extinguishes the lien of the mortgage. Effective immediately. LRB104 07581 JRC 17625 b LRB104 07581 JRC 17625 b A BILL FOR | |
| 2 | + | 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1443 Introduced 1/31/2025, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED: | |
| 3 | + | 765 ILCS 905/17 new 765 ILCS 905/17 new | |
| 4 | + | 765 ILCS 905/17 new | |
| 5 | + | Amends the Mortgage Act. Provides that the Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien. Provides that payment in full of a debt secured by a mortgage pursuant to a payoff statement, as defined in the Mortgage Certificate of Release Act, issued by or on behalf of the holder of the indebtedness extinguishes the lien of the mortgage. Effective immediately. | |
| 6 | + | LRB104 07581 JRC 17625 b LRB104 07581 JRC 17625 b | |
| 7 | + | LRB104 07581 JRC 17625 b | |
| 8 | + | A BILL FOR | |
| 9 | + | SB1443LRB104 07581 JRC 17625 b SB1443 LRB104 07581 JRC 17625 b | |
| 10 | + | SB1443 LRB104 07581 JRC 17625 b | |
| 3 | 11 | 1 AN ACT concerning civil law. | |
| 4 | 12 | 2 Be it enacted by the People of the State of Illinois, | |
| 5 | 13 | 3 represented in the General Assembly: | |
| 6 | 14 | 4 Section 5. The Mortgage Act is amended by adding Section | |
| 7 | 15 | 5 17 as follows: | |
| 8 | 16 | 6 (765 ILCS 905/17 new) | |
| 9 | 17 | 7 Sec. 17. Notwithstanding any other provisions of this Act: | |
| 10 | 18 | 8 (1) The Act does not abrogate the Illinois common law | |
| 11 | 19 | 9 that the payment in full of a debt secured by a mortgage | |
| 12 | 20 | 10 extinguishes the lien. | |
| 13 | 21 | 11 (2) Payment in full of a debt secured by a mortgage | |
| 14 | 22 | 12 pursuant to a payoff statement, as defined in Section 5 of | |
| 15 | 23 | 13 the Mortgage Certificate of Release Act, issued by or on | |
| 16 | 24 | 14 behalf of the holder of the indebtedness extinguishes the | |
| 17 | 25 | 15 lien of the mortgage. | |
| 18 | - | 16 Section 99. Effective date. This Act takes effect upon | |
| 19 | - | 17 becoming law. | |
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| 23 | - | SB1443 Engrossed LRB104 07581 JRC 17625 b | |
| 29 | + | 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1443 Introduced 1/31/2025, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED: | |
| 30 | + | 765 ILCS 905/17 new 765 ILCS 905/17 new | |
| 31 | + | 765 ILCS 905/17 new | |
| 32 | + | Amends the Mortgage Act. Provides that the Act does not abrogate the Illinois common law that the payment in full of a debt secured by a mortgage extinguishes the lien. Provides that payment in full of a debt secured by a mortgage pursuant to a payoff statement, as defined in the Mortgage Certificate of Release Act, issued by or on behalf of the holder of the indebtedness extinguishes the lien of the mortgage. Effective immediately. | |
| 33 | + | LRB104 07581 JRC 17625 b LRB104 07581 JRC 17625 b | |
| 34 | + | LRB104 07581 JRC 17625 b | |
| 35 | + | A BILL FOR | |
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| 41 | + | 765 ILCS 905/17 new | |
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| 45 | + | LRB104 07581 JRC 17625 b | |
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| 55 | + | SB1443 LRB104 07581 JRC 17625 b |