IL SB3703

Establishes the Affordability Crisis in Housing Act, requiring the Department of Financial and Professional Regulation to create and maintain a public registry of mortgage nominee companies (entities that hold mortgages on behalf of lenders)

Imposes an additional $150 fee on mortgage nominees recording mortgages, assignments, extensions, amendments, or subordinations, with county boards required to adopt this fee within one year of the Act's effective date (releases of mortgage are exempt)

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 electronic access systems

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

Addresses Illinois's housing affordability crisis, noting that 1 in 3 Illinois households pays more than one-third of income toward rent and that 294,000 additional affordable rental units are needed statewide