IL SB1657

Amends the Mortgage Act to allow a person authorized by the mortgagor, grantor, heir, legal representative, or assign to request and receive mortgage or trust deed releases, in addition to those parties directly.

Requires mortgage release documents delivered to borrowers to display bold-lettered warning (at least 1/4 inch height) instructing owners to file the release with the recorder or registrar.

Changes the compliance deadline for mortgagees to release satisfied mortgages from "one month" to "30 days" after payment of the debt.

Establishes a $200 civil penalty plus reasonable attorney's fees for mortgagees who fail to release mortgages within 30 days of payment, recoverable through civil action.

Exempts successor mortgagees or trustees from penalties if they comply with release requirements within 30 days of succeeding to the mortgage interest.