Illinois HB5615 amends recording fees for real estate-related documents, increasing fees for mortgages recorded by nominees and establishing.
Illinois HB5615, the Affordability Crisis in Housing Act, revises recording fees for real estate-related documents in Illinois. It mandates an additional $150 fee for mortgages recorded by nominees of mortgagees, with $120 deposited into the Rental Housing Support Program Fund and $30 used by the county for affordable housing capacity. The bill also establishes predictable fee schedules for various document classes, including deeds, mortgages, and easements. It requires cover sheets for nominee recordings to disclose nominee identity, fees charged, and the process for tracking mortgages.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.