Illinois Amends: Uniform Real Property Electronic Recording Act, Residential Real Property Disclosure Act, and Making Home Affordable Program
The state of Illinois has amended various laws in recent weeks. Many of the amendments only make minor changes to existing law but this article will explore some of the important changes.
Uniform Real Property Electronic Recording Act
The amendments to the Uniform Real Property Electronic Recording Act consist of increasing the number of members of the Illinois Electronic Recording Commission from 15 to 17. The Secretary of State appoints 16 commissioners, 2 of whom must be licensed real estate brokers or managing brokers under the Real Estate License Act of 200. Of these two commissioners, one shall serve a term of two years and the other a term of three years. Lastly, it will now take 9 commissioners to form a quorum. These provisions are effective on January 1, 2017.
The full text of these amendments can be found here.
Residential Real Property Disclosure Act
Only a minor change was made to Section 70(g) of the Illinois Residential Real Property Disclosure Act. Section 70(g) requires the title insurance company to attach to the mortgage a certificate of compliance or exemption with the requirements of the Residential Real Property Disclosure Act. The amendment to this section requires a lis pendens filed after July 1, 2016 to be filed with the Department of Financial and Professional Regulation electronically whereas before a lis pendens could be filed electronically or by hard copy. These provisions are effective immediately.
The full text of this amendment can be found here.
Making Home Affordable Program
Illinois Code of Civil Procedure Section 15-1508 governs the Report of Sale and Confirmation of Sale. Section 15-508(d-5) addresses the Making Home Affordable Program and this section was amended to change the dates in the section, “The provisions of this subsection (d-5) are operative and, except for this sentence, shall become inoperative on January 1, 2018 for all actions filed under this Article after December 31, 2017, in which the mortgagor did not apply for assistance under the Making Home Affordable Program on or before December 31, 2016. The changes to this subsection (d-5) by this amendatory Act of the 99th General Assembly apply to all cases pending and filed on or after the effective date of this amendatory Act of the 99th General Assembly.”
The full text of this amendment can be found here.
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