Illinois and New York Legislative and New York Regulatory Update

Illinois and New York Legislative and New York Regulatory Update

The Illinois legislature recently amended its laws governing property tax installment due dates, effective August 10, 2012.  New York’s real property recordation laws will include electronic recording on September 22, 2012.  The New York Department of Financial Services extended Emergency Regulations on July 12, 2012.

 

ILLINOIS SENATE BILL 3250

 

 

All property upon which the first installment of taxes remains unpaid on the later of June 1 or the day after the date specified on the real estate tax bill as the first installment due date annually will be considered delinquent and will bear interest after that day at the rate of 1 1/2% per month.

 

 

All property upon which the second installment of taxes remains due and unpaid on the later of September 1 or the day after the date specified on the real estate tax bill as the second installment due date, annually, will be considered delinquent and will bear interest after that day at the same interest rate.

 

NEW YORK ASSEMBLY BILL 6870/SENATE BILL 2373

 

“Recording” or “recorded” now includes an electronic process by which a record or instrument affecting real property, after delivery is incorporated into the public record.

 

 

“Electronic” means of or relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

 

 

“Electronic record” means information evidencing any act, transaction, occurrence, event, or other activity, produced or stored by electronic means and capable of being accurately reproduced in forms perceptible by human sensory capabilities.

 

 

“Electronic signature” means an electronic sound, symbol, or process, attached to or logically associated with an electronic record and executed or adopted by a person with the intent to sign the record.

 

 

“Digitized paper document” means a digitized image of a paper document that accurately depicts the information on the paper document in a format that cannot be altered without detection.

 

 

“Wet signature” means a signature affixed in ink or pencil or other material to a paper document.

 

 

Where a law, rule, or regulation requires, as a condition for recording, that an instrument affecting real property be an original, be on paper, or another tangible medium or be in writing, the requirement is satisfied by a digitized paper document or an electronic record of the instrument.

 

 

Where a law, rule, or regulation requires, as a condition for recording that an instrument affecting real property be signed, the requirement is satisfied, where the instrument exists as a digitized paper document, if the digitized image of a wet signature of the person executing the instrument appears on the digitized paper document or, where the instrument exists as an electronic record, if the instrument is signed by use of an electronic signature.

 

 

Where a law, rule, or regulation requires, as a condition of recording, that an instrument affecting real property or a signature associated with the instrument be notarized, acknowledged, verified, witnessed or made under oath, the signature requirement is satisfied if:

  • The digitized image of a wet signature of the person authorized to perform that act and any stamp, impression, or seal required by law to be included, appears on a digitized paper document of the instrument; or
  • The electronic signature of the person authorized to perform that act, and all other information required to be included, is attached to or logically associated with an electronic record of the instrument; provided however, a physical or electronic image of a stamp, impression, or seal will not be required to accompany the electronic signature.

 

Where a law, rule, or regulation requires, as a condition of recording an instrument affecting real property, that any accompanying document also be filed, the requirement is satisfied if, in the case of recording by electronic means, a digitized paper document or electronic record of any such accompanying document is presented to the recording officer at the same time as the instrument is recorded by electronic means; provided that the document or record must be presented to the recording officer as a separate digitized paper document or electronic record by itself.

 

 

A digitized paper document or documents must be created using a software application or other electronic process that stores an image of the original paper document or documents, and which does not permit additions, deletions, or other changes to the digitized image, or if additions, deletions, or changes are permitted, a media trail exists that creates an electronic record that makes it possible to identify these changes.

 

 

Nothing in the law will be construed to require the electronic recording of instruments affecting real property.  The decision by each county clerk to participate in electronic recording is discretionary.  Once a county clerk permits electronic recording, the county will accept the electronic recordings.

 

 

Where any recording officer permits instruments affecting real property and any accompanying documents to be presented for recording or filing as digitized paper documents or electronic records, the electronic recording will be in accordance with the rules and regulations established by the electronic facilitator.

 

 

Every instrument, entitled to be recorded, must be recorded by the recording officer in the order and as of the time of its delivery, during business hours maintained by the recording officer, and is considered recorded from the time of such delivery; provided, however, that a digitized paper document or an electronic record will be considered delivered at the date and time of receipt indicated on an electronic or other written notification, which will be provided by the recording officer immediately upon receipt of a digitized paper document or electronic record.

 

NEW YORK EMERGENCY REGULATIONS – RULES PART 419

 

Our August 23, 2010, December 8, 2010, March 24, 2011, May 20, 2011, August 23, 2011, November 18, 2011, January 25, 2012 and May 8, 2012 Compliance Memoranda discussed New York Emergency Regulations addressing the servicing of mortgage loans, which were effective October 1, 2010, November 1, 2010, February 1, 2011, May 2, 2011, July 22, 2011, October 20, 2011, January 17, 2012, and April 17, 2012 respectively.  The New York Department of Financial Services recently extended all of the Emergency Regulations through October 6, 2012.

 

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