IL HB5615

Imposes an additional $150 fee for mortgage nominees (entities like MERS that track mortgages privately) to record mortgages, assignments, extensions, amendments, or subordinations in Illinois counties, with implementation required within one year of the Act's effective date

Allocates the $150 fee as follows: $120 to the Rental Housing Support Program Fund as a State surcharge, $25 to county affordable housing development and maintenance, and $5 to county recorder's electronic property records access systems

Requires the Department of Financial and Professional Regulation to establish and publish a registry of mortgage nominees on its website

Mandates that mortgages recorded by nominees include a cover sheet explaining fees charged, the nominee's identity, and the process for mortgagors to track their mortgage; failure to provide the cover sheet prevents creation of a lien

Addresses what the legislature describes as a "private mortgage tracking loophole" that has reduced recording fee revenue and made it difficult for homeowners to track mortgage ownership, noting Illinois needs 294,000 additional affordable rental units