Bill Text: IL SB0211 | 2023-2024 | 103rd General Assembly | Introduced

---

Bill Title: Amends the Illinois Banking Act. Provides that a bank or financial institution that has provided a loan for the purchase of personal property and attached a lien on that property shall deliver to the lienee a certificate of release, for recording, within 10 days after receipt of total payment pursuant to the bank's or financial institution's written payoff statement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-03-15 - Rule 3-9(a) / Re-referred to Assignments [SB0211 Detail]

Download: Illinois-2023-SB0211-Introduced.html

---

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0211 Introduced 1/31/2023, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
205 ILCS 5/48.7 new
Amends the Illinois Banking Act. Provides that a bank or financial institution that has provided a loan for the purchase of personal property and attached a lien on that property shall deliver to the lienee a certificate of release, for recording, within 10 days after receipt of total payment pursuant to the bank's or financial institution's written payoff statement.
LRB103 25925 BMS 52276 b
A BILL FOR
SB0211 LRB103 25925 BMS 52276 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by adding
Section 48.7 as follows:
(205 ILCS 5/48.7 new)
Sec. 48.7. Release of lien. A bank or financial
institution that has provided a loan for the purchase of
personal property and attached a lien on that property shall
deliver to the lienee a certificate of release, for recording,
within 10 days after receipt of total payment pursuant to the
bank's or financial institution's written payoff statement.