Bill Status of HB 2550   93rd General Assembly

Short Description:  MORTGAGE CERTIFICATE-SUNSET

House Sponsors
Rep. Joseph M. Lyons-Thomas Holbrook-Sidney H. Mathias

Senate Sponsors
(Sen. Kimberly A. Lightford)


Last Action  View All Actions

DateChamber Action
  8/5/2003HousePublic Act . . . . . . . . . 93-0428

Statutes Amended In Order of Appearance
765 ILCS 935/90

Synopsis As Introduced
Amends the Mortgage Certificate of Release Act. Changes the sunset date of the Act to 2006 (from 2004). Effective immediately.

Senate Floor Amendment No. 3
Deletes reference to:
765 ILCS 935/90
Adds reference to:
765 ILCS 905/2
765 ILCS 935/5
765 ILCS 935/10
765 ILCS 935/10.1 new
765 ILCS 935/15
765 ILCS 935/20
765 ILCS 935/35
765 ILCS 935/40
765 ILCS 935/50
765 ILCS 935/65 rep.
765 ILCS 935/70 new
765 ILCS 935/90 rep.

Deletes everything after the enacting clause. Amends the Mortgage Act. Provides that a certificate of release issued and recorded by a title insurance company or its duly appointed agent pursuant to the Mortgage Certificate of Release Act shall satisfy the recording requirements of this Act. Amends the Mortgage Certificate of Release Act. Defines "hold-harmless agreement". Deletes the definition of "notice of intention to file certificate of release". Provides that receipt of payment pursuant to the lender's written payoff statement shall constitute authority to record a certificate of release. Provides that the notice of filing a certificate of release shall be evidenced by receipt of payment pursuant to the lender's written payoff statement. Provides that, with mortgages that have been previously paid off, the title insurance company or its duly appointed agent may issue a certificate of release for a mortgage that appears in the chain of title prior to the mortgage presently being paid. Creates a form for hold-harmless agreements. Repeals provisions concerning the form of notice of intention to file a certificate of release and the repeal of the Act. Makes other changes. Effective December 31, 2003.

Actions 
DateChamber Action
  2/20/2003HouseFiled with the Clerk by Rep. Joseph M. Lyons
  2/20/2003HouseFirst Reading
  2/20/2003HouseReferred to Rules Committee
  2/26/2003HouseAssigned to Financial Institutions Committee
  3/5/2003HouseDo Pass / Short Debate Financial Institutions Committee; 014-000-000
  3/5/2003HousePlaced on Calendar 2nd Reading - Short Debate
  3/5/2003HouseAdded Chief Co-Sponsor Rep. Thomas Holbrook
  3/5/2003HouseAdded Chief Co-Sponsor Rep. Sidney H. Mathias
  3/20/2003HouseSecond Reading - Short Debate
  3/20/2003HouseHeld on Calendar Order of Second Reading - Short Debate
  3/21/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/21/2003HouseThird Reading - Short Debate - Passed 117-000-000
  3/25/2003SenateArrive in Senate
  3/25/2003SenatePlaced on Calendar Order of First Reading March 26, 2003
  3/25/2003SenateChief Senate Sponsor Sen. Kimberly A. Lightford
  3/26/2003SenateFirst Reading
  3/26/2003SenateReferred to Rules
  4/10/2003SenateAssigned to Financial Institutions
  5/1/2003SenateDo Pass Financial Institutions; 009-000-000
  5/1/2003SenatePlaced on Calendar Order of 2nd Reading May 6, 2003
  5/6/2003SenateSecond Reading
  5/6/2003SenatePlaced on Calendar Order of 3rd Reading May 7, 2003
  5/8/2003SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Dan Cronin
  5/8/2003SenateSenate Floor Amendment No. 1 Referred to Rules
  5/8/2003SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
  5/8/2003SenateSenate Floor Amendment No. 2 Referred to Rules
  5/13/2003SenateSenate Floor Amendment No. 1 Rules Refers to Financial Institutions
  5/13/2003SenateSenate Floor Amendment No. 2 Rules Refers to Financial Institutions
  5/14/2003SenateSenate Floor Amendment No. 1 Held in Financial Institutions
  5/14/2003SenateSenate Floor Amendment No. 2 Held in Financial Institutions
  5/16/2003SenateThird Reading Deadline Extended - Rule 2-10, to December 31, 2003.
  5/27/2003SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Kimberly A. Lightford
  5/27/2003SenateSenate Floor Amendment No. 3 Referred to Rules
  5/28/2003SenateSenate Floor Amendment No. 3 Rules Refers to Financial Institutions
  5/28/2003SenateSenate Floor Amendment No. 3 Be Adopted Financial Institutions; 006-000-001
  5/29/2003SenateRecalled to Second Reading
  5/29/2003SenateSenate Floor Amendment No. 3 Adopted; Lightford
  5/29/2003SenatePlaced on Calendar Order of 3rd Reading
  5/29/2003SenateThird Reading - Passed; 058-000-000
  5/29/2003SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  5/29/2003SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  5/29/2003HouseFinal Action Deadline Extended-9(b) May 31, 2003
  5/29/2003HouseArrived in House
  5/29/2003HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 3
  5/30/2003HouseSenate Floor Amendment No. 3 Motion Filed Concur Rep. Joseph M. Lyons; Motion #1
  5/30/2003HouseSenate Floor Amendment No. 3 Motion to Concur Referred to Rules Committee
  5/31/2003HouseSenate Floor Amendment No. 3 Motion to Concur Rules Referred to Financial Institutions Committee
  5/31/2003HouseSenate Floor Amendment No. 3 Motion to Concur Recommends be Adopted Financial Institutions Committee; 014-000-000
  5/31/2003HouseSenate Floor Amendment No. 3 House Concurs 115-000-001
  5/31/2003HousePassed Both Houses
  6/27/2003HouseSent to the Governor
  8/5/2003HouseGovernor Approved
  8/5/2003HouseEffective Date December 31, 2003
  8/5/2003HousePublic Act . . . . . . . . . 93-0428

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