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IL SB1443

Bill

Official Source

Status

Passed

8/1/2025

Primary Sponsor

Michael Hastings

Click for details

Origin

Senate

104th General Assembly

AI Summary

  • Amends the Mortgage Act to add new Section 17 clarifying that Illinois common law remains in effect regarding mortgage lien extinguishment upon full debt payment

  • Payment in full of a mortgage debt automatically extinguishes the mortgage lien under preserved common law principles

  • Payment made pursuant to a payoff statement issued by or on behalf of the debt holder extinguishes the mortgage lien

  • Takes effect immediately upon becoming law

Legislative Description

MORTGAGE DEBT-RELEASE

Last Action

Public Act . . . . . . . . . 104-0101

8/1/2025

Committee Referrals

Judiciary - Civil4/17/2025
Rules4/10/2025
Judiciary2/11/2025
Assignments1/31/2025

Full Bill Text

No bill text available