Chapter 765 — PROPERTY

(765 ILCS 925/4) (from Ch. 67 1/2, par. 904) Sec. 4. (a) An owner of subsidized housing shall provide to the clerk of the unit of local government and to IHDA notice of the earliest date upon which he may exercise prepayment of mortgage. Such notice shall be delivered at least 12…

(765 ILCS 925/5) (from Ch. 67 1/2, par. 905) Sec. 5. An owner of subsidized housing shall provide to the clerk of the unit of local government and IHDA notice of his intent to exercise his prepayment of mortgage option at least 9 months prior to the date of the intended prepaymen…

(765 ILCS 925/6) (from Ch. 67 1/2, par. 906) Sec. 6. Before executing any lease agreement, an owner of a building receiving a Section 8 contract, of which IHDA is not the contract administrator, shall notify all prospective tenants in writing of the date of the expiration of the …

(765 ILCS 925/7) (from Ch. 67 1/2, par. 907) Sec. 7. An owner who fails to provide the notice to a tenant as required under Sections 5 and 6 of this Act shall pay a penalty to the tenant in the amount of $1,000. An owner who fails to provide the notice to a unit of local governme…

(765 ILCS 925/8) (from Ch. 67 1/2, par. 908) Sec. 8. Owners of subsidized housing eligible for prepayment of mortgage after the effective date of this Act but before July 1, 1990 shall give notice as provided in Section 4 within 60 days after the effective date of this Act. (Sour…

(765 ILCS 930/1) Sec. 1. Short Title. This Act may be cited as the Mortgage Insurance Limitation and Notification Act. (Source: P.A. 90-455, eff. 7-1-98.)

(765 ILCS 930/10) Sec. 10. Definitions. For the purpose of this Act: "Mortgagee" means the holder of an indebtedness secured by a mortgage of a single family residence or the entity that provides the servicing of the mortgage, meaning the receipt of payments from the mortgagor an…

(765 ILCS 930/15) Sec. 15. Transaction disclosure. After July 1, 1998, if a person enters into a transaction to obtain a mortgage for his or her principal residence and private mortgage insurance may be required in connection with that transaction, the mortgagee shall disclose in…

(765 ILCS 930/17) Sec. 17. Insurance coverage. (a) No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding t…

(765 ILCS 930/20) Sec. 20. Annual notification statement. After July 1, 1998, in addition to the transaction disclosure requirement set forth in Section 15 and within 30 days after the end of the calendar year, the mortgagee shall inform the mortgagor in writing of the procedure …

(765 ILCS 930/30) Sec. 30. Federal law. If federal law is enacted governing or otherwise regulating private mortgage insurance, a mortgagee who is governed by the provisions of this Act may have the option to comply with the federal law, and compliance with the federal law by the…

(765 ILCS 930/40) Sec. 40. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 90-455, eff. 7-1-98.)

(765 ILCS 930/5) Sec. 5. Application. This Act applies to mortgages entered into on or after the effective date of this Act and only to the principal single family residence of the mortgagor. (Source: P.A. 90-455, eff. 7-1-98.)

(765 ILCS 930/99) Sec. 99. Effective date. This Act takes effect July 1, 1998. (Source: P.A. 90-455, eff. 7-1-98.)

(765 ILCS 935/1) Sec. 1. Short Title. This Act may be cited as the Mortgage Certificate of Release Act. (Source: P.A. 92-765, eff. 8-6-02.)

(765 ILCS 935/10) Sec. 10. Mortgage presently being paid off. Receipt of payment pursuant to the lender's written payoff statement shall constitute authority to record a certificate of release. A certificate of release shall be delivered for recording to the recorder of each coun…

(765 ILCS 935/10.1) Sec. 10.1. Previously paid mortgages. A title insurance company or its duly appointed title insurance agent may issue a mortgage certificate of release pursuant to this Act for a mortgage that appears in the chain of title prior to the mortgage presently being…

(765 ILCS 935/15) Sec. 15. Certificate of release. An officer or duly appointed agent of a title insurance company may, on behalf of a mortgagor or a person who has acquired from a mortgagor title to all or part of the property described in the mortgage, execute a certificate of …

(765 ILCS 935/20) Sec. 20. Contents of certificate of release. A certificate of release executed under this Act must contain substantially all of the following for each mortgage being released: (a) The name of the mortgagor, the name of the original mortgagee, and, if applicable,…

(765 ILCS 935/25) Sec. 25. Execution. A certificate of release authorized by Section 15 must be executed and acknowledged as required by law, as in the case of a deed, and may be executed by an officer or a duly appointed agent of a title insurance company. The agent must be a cu…

(765 ILCS 935/30) Sec. 30. Appointment of title insurance agent. (a) The appointment of a title insurance agent must be executed and acknowledged as required by law, as in the case of a deed, and must state all of the following: (1) the identity of the title insurance company as …

(765 ILCS 935/35) Sec. 35. Effect of recording certificate of release. For purposes of releasing the lien of the mortgage, a certificate of release containing the information and statements provided for in Section 20 and executed as provided in Section 25 is prima facie evidence …

(765 ILCS 935/40) Sec. 40. Wrongful or erroneous certificate of release. Recording of a wrongful or erroneous certificate of release by a title insurance company or its title insurance agent shall not relieve the mortgagor or the mortgagor's successors or assignees from any perso…

(765 ILCS 935/45) Sec. 45. Recording. If a mortgage is recorded in more than one county and a certificate of release is recorded in one of them, a certified copy of the certificate of release may be recorded in another county with the same effect as the original. In all cases, th…

(765 ILCS 935/5) Sec. 5. Definitions. As used in this Act: "Hold-harmless agreement" means a letter whereby a title insurance company, as defined in the Title Insurance Act, agrees to indemnify another title insurance company preparing to insure a present transaction that the ind…

(765 ILCS 935/50) Sec. 50. Form of certificate of release. A certificate of release, in substantially the following form, allowing for alterations to permit the inclusion of multiple mortgages, both presently and previously paid, complies with this Act. CERTIFICATE OF RELEASE Dat…

(765 ILCS 935/55) Sec. 55. Form of appointment of title insurance agent for issuance of certificates of release. A title insurance company shall use the following form for the appointment of its title insurance agents for the purpose of executing certificates of release pursuant …

(765 ILCS 935/60) Sec. 60. Form of revocation of appointment of title insurance agent or agents for issuance of certificates of release. A title insurance company shall use the following form for the purpose of revoking the appointment of its title insurance agent's authorization…

(765 ILCS 935/65) Sec. 65. (Repealed). (Source: P.A. 92-765, eff. 8-6-02. Repealed by P.A. 93-428, eff. 12-31-03.)

(765 ILCS 935/70) Sec. 70. Form of hold-harmless agreement. A hold-harmless agreement in substantially the following form, allowing for alterations to reflect the facts of the transaction and identity of the title insurance companies, complies with this Act. Hold-harmless Agreeme…

(765 ILCS 935/90) Sec. 90. (Repealed). (Source: P.A. 92-765, eff. 8-6-02. Repealed by P.A. 93-428, eff. 12-31-03.)

(765 ILCS 935/95) Sec. 95. (Amendatory provisions; text omitted). (Source: P.A. 92-765, eff. 8-6-02; text omitted.)

(765 ILCS 935/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 92-765, eff. 8-6-02.)

(765 ILCS 940/1) Sec. 1. Short title. This Act may be cited as the Mortgage Rescue Fraud Act. (Source: P.A. 94-822, eff. 1-1-07.)

(765 ILCS 940/10) Sec. 10. Distressed property consultant contract terms. (a) A distressed property consultant contract must be in writing and must fully disclose the exact nature of the distressed property consultant's services and the total amount and terms of compensation. (b)…

(765 ILCS 940/15) Sec. 15. Rescission of distressed property consultant contract. (a) In addition to any other legal right to rescind a contract, an owner has the right to cancel a distressed property consultant contract at any time until after the distressed property consultant …

(765 ILCS 940/20) Sec. 20. Waiver of a distressed property consultant contract. (a) Any waiver by an owner of the provisions of Section 10 or 15 is void and unenforceable as contrary to public policy. (b) Any attempt by a distressed property consultant to induce an owner to waive…

(765 ILCS 940/25) Sec. 25. Distressed property conveyance contract. A distressed property purchaser shall enter into every distressed property conveyance in the form of a written contract. Every distressed property conveyance contract must be written in letters of a size equal to…

(765 ILCS 940/30) Sec. 30. Distressed property conveyance contract terms. Every contract required by Section 25 must contain the entire agreement of the parties, be fully assignable, and survive delivery of any instrument of conveyance of the distressed property. Every lease ente…

(765 ILCS 940/300) Sec. 300. (Amendatory provisions; text omitted). (Source: P.A. 94-822, eff. 1-1-07; text omitted.)

(765 ILCS 940/35) Sec. 35. Cancellation of a distressed property conveyance contract. (a) In addition to any other right of rescission, the owner of the distressed property has the right to cancel any contract with a distressed property purchaser until midnight of the fifth busin…

(765 ILCS 940/40) Sec. 40. Notice of cancellation of a distressed property conveyance contract. (a) The contract must contain in immediate proximity to the space reserved for the owner of the distressed property's signature a conspicuous statement in a size equal to at least 12-p…

(765 ILCS 940/45) Sec. 45. Waiver of a distressed property conveyance contract. Any waiver of the provisions of Sections 35 and 40 are void and unenforceable as contrary to public policy, except that a consumer may waive the 5-day right to cancel provided in Section 35 if the pro…

(765 ILCS 940/5) Sec. 5. Definitions. As used in this Act: "Distressed property" means residential real property consisting of one to 6 family dwelling units that is in foreclosure or at risk of loss due to nonpayment of taxes, or whose owner is more than 30 days delinquent on an…

(765 ILCS 940/50) Sec. 50. Violations. (a) It is a violation for a distressed property consultant to: (1) claim, demand, charge, collect, or receive any compensation until after the distressed property consultant has fully performed each service the distressed property consultant…

(765 ILCS 940/55) Sec. 55. Civil remedies. (a) A violation of any of the provisions of this Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. All remedies, penalties, and authority granted to the Attorney General or State's Attorn…

(765 ILCS 940/60) Sec. 60. Criminal mortgage rescue fraud. A person commits the offense of criminal mortgage rescue fraud when he or she intentionally violates any provision enumerated in Section 50 of this Act. (Source: P.A. 94-822, eff. 1-1-07.)

(765 ILCS 940/65) Sec. 65. Criminal penalties. A person who commits the offense of criminal mortgage rescue fraud is guilty of a Class 2 felony. (Source: P.A. 94-822, eff. 1-1-07.)

(765 ILCS 940/7) Sec. 7. Residential Mortgage License Act of 1987 licensees. Licensees of the Residential Mortgage License Act of 1987 are exempt from the requirements of Sections 10, 15, 20, 50(a)(4), 50(a)(5), 50(a)(6), and 50(a)(7). Licensees are also exempt from the requireme…

(765 ILCS 940/70) Sec. 70. Distressed property consultant compensation. In transactions that reduce the existing payment on a homeowner's mortgage loan for a period of no less than 5 years, a distressed property consultant shall not claim, demand, charge, collect, or receive any …