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#2131252 - 05/19/17 09:34 PM (815 ILCS 205/) Interest Act - HELOC Mtg Release
BR Offline
New Poster
Joined: Dec 2015
Posts: 1
Just looking to clarify our understanding of section 4.1 of the IL Interest Act. It states "... shall agree to pay all expenses, including recording fees and otherwise, to release any such security interest of record whenever it no longer secures any credit under a revolving credit arrangement." By this statement, we understand that a county release recording fee should not be included on payoff quote letters. Would it be correct to assume that a lender should also not send the original unrecorded release to the borrowers after payoff of HELOC either, as that would essentially make them pay for the release recording even though not charged directly by the lender. In reading this, it sounds like a lender must complete and cover all costs for the entire release process (including recording with the county) on all paid/closed HELOCs.

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#2131587 - 05/23/17 08:56 PM Re: (815 ILCS 205/) Interest Act - HELOC Mtg Release BR
MyBrainHurts Offline
Platinum Poster
Joined: Feb 2010
Posts: 960
Illinois
That's the way I read it, too. You pay the release fee. Also, I would not mail the release to the borrower because you're going to be typing a second one a few years from now when they call and say they lost it.
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