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| Effective June 1, 2009, ALL Illinois Notary Publics & Notary Signing Agents MUST comply with the following: Public Act 95-988 creates a pilot project that is effective June 1, 2009 and terminates June 30, 2013. The new law affects the notarization of transfers of residential real estate in Cook County, and is an attempt to address the growing problem of mortgage fraud in Chicago and Cook County. Illinois notaries public who notarize documents of conveyance of qualifying residential real estate in Cook County will be required to create a Notarial Record, take a thumbprint of the seller(s), and provide for record keeping of the Notarial Record to the responsible parties. Additionally, the new law requires all Illinois notaries public to verify a person’s identity with a currently valid state or federal photo identification document that bears the photo graphic image of the individual’s face and his or her signature ON ALL NOTARIZATIONS, not just residential real estate transactions in Cook County. A notary public who is a principal, employee or agent of a title insurance company, title insurance agent, financial institution or attorney must deliver the Notarial Record, within 14 days, to his or her employer who is required to maintain the record for a period of 7 years. A notary public who is not an employee or agent of a title insurance company, title insurance agent, financial institution or attorney, must deliver the Notarial Record to the Cook County Recorder of Deeds office within 14 days after the deed is notarized and pay a $5 filing fee. The Notarial Record must be kept confidential and may only be disclosed by subpoena. Further, the Notarial Record is not subject to the Freedom of Information Act. Notaries may assess a fee of up to $25 for the notarization of the instrument of conveyance. For the full text of the Illinois Notary Public Act, please visit www.ilga.gov and click on Illinois Compiled Statutes for 5 ILCS 312. DEFINITIONS Residential Real Estate "Residential Real Property" shall mean a building or buildings located in Cook County, Illinois and containing one to 4 dwelling units or an individual residential condominium unit. Documents of Conveyance Shall mean a written instrument that transfers or purports to transfer title effecting a change in ownership to Residential Real Property. Exclusions 1. Court ordered and court authorized conveyances of Residential Real Property, including without limitation, quit claim deeds executed pursuant to a marital settlement agreement incorporated into a judgment of dissolution of marriage, and transfers in the administration of a probate estate; 2. Judicial sale deeds relating to Residential Real Property, including without limitation, sale deeds issued pursuant to proceedings to foreclose a mortgage or execute on a levy to enforce a judgment; 3. Deeds transferring ownership of Residential Real Property to a trust where the beneficiary is also the grantor; 4. Deeds from grantors to themselves that are intended to change the nature or type of tenancy by which they own Residential Real Property; 5. Deeds from a grantor to the grantor and another natural person that are intended to establish a tenancy by which the grantor and the other natural person own Residential Real Property; 6. Deeds executed to the mortgagee in lieu of foreclosure of a mortgage; 7. Deeds transferring ownership to a revocable or irrevocable grantor trust where the beneficiary includes the grantor. Notarial Record Thumbprint The notary public shall require the person signing the Document of Conveyance (including an agent acting on behalf of a principal under a duly executed power of attorney), whose signature is the subject of the notarial act, to place his or her right thumbprint on the Notarial Record. If the right thumbprint is not available, then the notary shall have the party use his or her left thumb, or any available finger, and shall so indicate on the Notarial Record. If the party signing the document is physically unable to provide a thumbprint or fingerprint, the notary shall so indicate on the Notarial Record and shall also provide an explanation of that physical condition. The notary may obtain the thumbprint by any means that reliably captures the image of the finger in a physical or electronic medium. Record Keeping If a notarial act under this Section is performed by a notary who is a principal, employee, or agent of a Title Insurance Company, Title Insurance Agent, Financial Institution, or attorney at law, the notary shall deliver the original Notarial Record to the notary's employer or principal within 14 days after the performance of the notarial act for retention for a period of 7 years as part of the employer's or principal's business records. In the event of a sale or merger of any of the foregoing entities or persons, the successor or assignee of the entity or person shall assume the responsibility to maintain the Notarial Record for the balance of the 7-year business records retention period. Liquidation or other cessation of activities in the ordinary course of business by any of the foregoing entities or persons shall relieve the entity or person from the obligation to maintain Notarial Records after delivery of Notarial Records to the Cook County Recorder of Deeds. If a notarial act is performed by a notary who is not a principal, employee, or agent of a Title Insurance Company, Title Insurance Agent, Financial Institution, or attorney at law, the notary shall deliver the original Notarial Record within 14 days after the performance of the notarial act to the Recorder of Deeds of Cook County, Illinois for retention for a period of 7 years, accompanied by a filing fee of $5 Cook County Recorder of Deeds The Cook County Recorder of Deeds is required to receive Notarial Records from notaries who are not an employee, a principal or agent of a title insurance company, title insurance agent, financial institution or attorney. The Notarial Record must be delivered to the Recorder of Deeds within 14 days of the notarization accompanied by a $5 filing fee. For Information from the Cook County Recorder of Deeds 312-603-5050 * www.ccrd.info |
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