Bulletin: IL2013001

Date:
March 07, 2013
To:
All Illinois Issuing Offices
RE:
LEGISLATIVE UPDATE - Public Act 97-1164

Dear Associates:

Public Act 097-1164, which becomes effective June 1, 2013, among other things, amends the Civil Procedure Act, 735 ILCS 5, and provides for an expedited process to obtain a summary or default judgment in a foreclosure action if the property is deemed to be abandoned by the Court. The Public Act adds new sections that set forth the process and establishes the criteria for determining if the property is abandoned and also criteria for determining what property is not to be considered abandoned. Under the new section, the Mortgagee may elect in a foreclosure action to utilize the expedited process if it can establish the property is abandoned. The new sections also require notice be given to the municipality or county where the property is located by giving notice to the county board chairperson or county clerk, mayor or city clerk, president of the broad of trustees or village clerk or president or town clerk. 

The Public Act also amends the Illinois conveyances Act 765 ILCS 5/11 by adding a new sub-section (b) that states that the form of mortgage as states in subsection (a) of paragraph 11 are, and always have been, permissive and not mandatory. Therefore the failure to state the interest rate or maturity date or both does not affect the validity, priority or deem the recorded mortgage as insufficient for notice purposes. 

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None