Tag Archive: "Illinois"
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Illinois Adopts Provisions under the Real Estate License Act of 2000
The state of Illinois adopted new provisions and amended many parts of the Real Estate License Act effective September 2, 2016; these changes were made as a result of statutory changes as well as industry requested changes. This article will discuss some of the new sections added to the act.
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Illinois Enacts Digital Assets Act Provisions
Illinois House Bill 4648, regarding The Revised Uniform Fiduciary Access to Digital Assets Act, covers procedures and requirements for the access and control by guardians, executors, agents, and other fiduciaries of the digital assets belonging to persons who are deceased, legally disabled, or subject to a trust. Among other items, the bill covers applicability of the Act, user direction for disclosure of digital assets, terms-of-service agreements, custodian compliance and immunity, and the Act’s relation to federal laws governing electronic signatures.
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Illinois Amends Credit Union Act
The Illinois Credit Union Act has been amended by changing Sections 4, 22, 33, 46, and 52 and adding Section 64.7. This article will highlight some of the most important changes. These provisions are effective immediately.
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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.
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Illinois Amends Law Regarding the Abandoned Residential Property Municipality Relief Fund
By Robert Harrison, J.D.The State of Illinois has amended its Code of Civil Procedure Section 15-1507.1. The amendment makes two changes; the repeal date of the section is changed from March 2, 2016 to March 2, 2017 and the inoperative date of Subsections 15-1507.1 (a) and (b) is changed from January 1, 2016 to January […]
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Illinois Foreclosure Document Pilot Program
By Robert Harrison, J.DIllinois has enacted provisions for its Foreclosure Document Pilot Program through Senate Bill 1487. This bill requires recorders in a county with a population of over 3 million to implement a pilot program that will only allow documents to be recorded against a property in foreclosure by judicial order. This does not […]
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Illinois Modifies Provisions Regarding Consumer Fraud and Deceptive Business Practices Act
by: Lee GreenbergThe state of Illinois recently modified Section 2MM of the Consumer Fraud and Deceptive Business Practices Act in House Bill 3380. The new legislation takes effect on June 1, 2014.Under the new law, the following persons may request that a security freeze be placed on the credit report of a disabled person: A […]
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Recent Changes to Illinois Registration Fees and NMLS Requirements
by: Nicole LegereThe Illinois Division of Banking recently adopted several changes to the registration fee requirements for loan originators. These changes included the addition of an exempt entity registration fee. There were also requirements added regarding the use of the Nationwide Mortgage Licensing System (NMLS) unique identifier on various loan documents. The new requirements became […]
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Illinois Amends Mortgage Licensing and Residential Foreclosure Laws
by: Nicole LegereAmendments to the Residential Mortgage License Act Illinois recently amended the Residential Mortgage License Act of 1987 with changes to sections 1-3 and 4-2, and also by adding section 7-15. These changes address requirements for exempt company registration under the Residential Mortgage License Act of 1987, and allow for the sponsorship of individual […]
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Illinois Revises Foreclosure Laws
by: Nicole Legere, Esq. Amendments to Illinois Foreclosure Law The state of Illinois recently amended sections 7.30 and 7.31 of the Housing Development Act resulting in a number of changes to its foreclosure laws. The changes include revisions to the definitions of approved counseling and abandoned residential property, an update to the foreclosure process […]