Bill Text: IL SB3480 | 2021-2022 | 102nd General Assembly | Introduced

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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 - Dead) 2022-02-10 - Rule 3-9(a) / Re-referred to Assignments [SB3480 Detail]

Download: Illinois-2021-SB3480-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB3480 Introduced 1/19/2022, 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.
LRB102 24524 BMS 33758 b
A BILL FOR
SB3480 LRB102 24524 BMS 33758 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.