SB3703 amends Illinois law to address the housing affordability crisis by increasing fees for mortgage recording and establishing a registry of.
SB3703, known as the Affordability Crisis in Housing Act, amends several Illinois statutes to tackle the housing affordability crisis. It requires county boards to revise their predictable fee schedules to include an additional $150 fee for mortgage recording by a nominee of a mortgagee. This fee is intended to compensate for lost recording fees due to private mortgage tracking systems. The bill also mandates the Department of Financial and Professional Regulation to create a cover sheet template for nominee recordings, ensuring transparency and disclosure to borrowers.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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