IL House Bill 3041 | NNA
Law

IL House Bill 3041

Notary Law Update: IL House Bill 3041

State: Illinois

Summary:

House Bill 3041 amends the definition of “financial institution” to include a trust company. Notaries who create a “Notarial Record” for a document of conveyance that transfers or purports to transfer title to residential real property must file the Notarial Record with their employer if the employer is a financial institution.

Signed:  August 23, 2011

Effective:  August 23, 2011

Chapter: Public Act No. 508

Affects:

Amends 5 ILCS 312/3-102

Changes:
  1. Amends the definition of “financial institution” to include a trust company.
Analysis:

As part of a pilot program that is currently running through June 30, 2013, any Illinois Notary who notarizes a document of conveyance transferring or purporting to transfer title to residential real property in Cook County, Illinois, must create a “Notarial Record” for the notarial act. This Notarial Record must include certain information about the grantor of the property and be filed either with the Cook County Recorder of Deeds, or if the Notary’s employer is a financial institution, with the employer. Thus, HB 3041 mainly affects those Notaries who are employees of a trust company and would dictate where they must file the Notarial Record in the event that they must complete one.

Read the bill text.

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