MORTGAGE-ELECT TRANSFER FUNDS House SponsorsRep. Ruth Munson 1/13/2009HouseSession Sine Die 765 ILCS 905/4.5 new Amends the Mortgage Act. Provides that any person who is required to pay or deliver funds to complete a real estate closing shall do so at the closing. Provides a definition of a real estate closing. Provides that a person who wants to make a wire transfer at a closing shall make contact with the person or entity that will receive the funds prior to the closing to determine if a wire transfer can be made and, if so, the details of effecting the transfer. Provides that a person who fails to make any required payment at a closing is liable to any party involved in the closing who incurs a loss or expense because of the failure to make the payment at the closing, plus costs and reasonable attorney's fees. Effective immediately. 2/14/2008HouseFiled with the Clerk by Rep. Ruth Munson 2/14/2008HouseFirst Reading 2/14/2008HouseReferred to Rules Committee 2/26/2008HouseAssigned to Judiciary I - Civil Law Committee 3/14/2008HouseRule 19(a) / Re-referred to Rules Committee 1/13/2009HouseSession Sine Die