Public Act 94-280 (HB 4050 from the 94th General Assembly) establishes a pilot program targeting communities with a high proportion of predatory loans, higher than average foreclosure rates and unusually high numbers of mortgages for individual properties. In those communities, the pilot program has been designed to provide additional financial guidance to families who wish to take on a mortgage, or refinance the mortgage they already have. In addition, the pilot program will allow the State to gather important information on the kinds of loans being offered to Chicagoans and the costs and terms of those loans.
Chicago Title to Close and Insure Mortgages Without HB4050 Requirements
Following the Governor’s Jan. 19 suspension of the Illinois Predatory Lending Database Pilot Program (HB4050), the Fidelity National Family of Title Companies (Chicago Title, Fidelity National, Ticor and Security Union) issued this statement on Jan. 22: “We are now advised that the Cook County Recorder will accept mortgages for recording whether in the 10 zip codes or not without any Certificates of Compliance or Exemption. Accordingly, we are prepared to close and insure mortgages as though the Predatory Lending Database Pilot Program Act did not exist. No requirements; no exceptions.” IAR will continue to monitor this development and keep you apprised of further details.
- Learn more about HB 4050 (Excerpt from the IAR Weekly Connection.)