Fighting Mortgage Fraud in Illinois and Cook County

Read the new law that will go into effect JUNE 1, 2009 regarding Notary Public Act - it's changed big time.

P.A. 095-0988
A new Illinois law regarding the transfer of real property in Cook County goes into effect on June 1, 2009. Public Act 095-0988 amends the Illinois Notary Public Act by describing the manner in which a notary must sign each notary certificate at the time of notarization. The law requires that a paper or electronic form must be completed and retained, for a period of 7 years, for each notarial act relating to real property in Cook County.

One key change is that finger-printing now is a part of the process. As part of the record to be kept, the law provides that the notary require the person signing the document of conveyance, including an agent acting on behalf of a principal under a duly executed power of attorney, to place his/her thumbprint on the notarial record.

We're fightint Mortgage Fraud in Cook County, in a unique way. This is what the New Notary Law is handling it in Cook County, Illinois.

In an effort to fight mortgage fraud in Cook County, the new law creates this process as a pilot program. Often times straw purchasers and fraudulent mortgage brokers will work together to commit mortgage fraud. This law places responsibilities on a notary to verify the identities to a real estate transaction in Cook County, and keep a thumb print of them as well. Proponents believe this will deter individuals from participating in these schemes, and reduce the amount of mortgage fraud in Cook County.

As a pilot program, the law will sunset on July 1, 2013.