Sorry for not responding, but I just can't find it.
I had notes here that said that it was in Section 2 of the Illinois Mortgage Act where you'll find that we either have to
1. file a release of the mortgage with the County Recorder within 30 days of the payoff or
2. send the borrower a release statement with in 30 days of the payoff.
But now I can't verify it. It looks like that section may have been removed from the act?