Banking and Business Monthly – December 2024

Steven A. Migala • December 16, 2024

Mortgage Foreclosure Law Amendments Enable Online Judicial Sales


Public Act 103-930 amends the Illinois Mortgage Foreclosure Law (IMFL) to authorize online judicial sales of foreclosed properties, establish standards for such sales and online bidders, and prohibit certain related fees. The Public Act changes Section 15-1507 of the Illinois Code of Civil Procedure and adds Sections 15-1507.2 and 15-1510.1, effective January 1, 2025. 735 ILCS 5/15-1507, 15-1507.2, 15-1510.1.

 

Online Judicial Sales

 

The mortgagee may request that a property subject to a judgment of foreclosure be sold either in person, online, or both and, if online, the website where online bidding may take place. 735 ILCS 5/15-1507(c)(1)(F). The sheriff or other person conducting the online judicial sale must comply with several requirements in Section 15-1507.2, including documented processes and procedures for conducting online auctions, adequate recordkeeping, the ability to comply with IMFL requirements, and satisfactory internal informational security controls. 735 ILCS 5/15-1507.2(f), (o). Persons conducting the sale, such as third-party online sales providers,  may engage in promotional activities, including listing the property on real estate websites and email campaigns, but they are solely responsible for any related fees and expenses. 735 ILCS 5/15-1507.2(p).


Bidders’ Requirements


Online bidders must complete a registration process that identifies them and provides their contact information and other relevant information in order to complete the sale, as determined by the person conducting the sale. 735 ILCS 5/15-1507.2(j). The person conducting the sale must verify the identity of all online bidders through a process which may include verification through a government-issued identification, biometric verification or other method selected by such person. 735 ILCS 5/15-1507.2(m).

 

Prohibited Fees


Certain fees charged to the public, such as fees for viewing the properties for sale, or to participate in any auction, are prohibited. 735 ILCS 5/15-1507.2(h). For the sale of residential real estate, no fee, including a buyer’s premium, may be charged to a third-party bidder beyond the winning bid amount. 735 ILCS 5/15-1510.1.


For further inquiries or questions, please contact me at smigala@lavellelaw.com or (847) 705-7555. Starting next year, I will be making this a quarterly publication. Happy Holidays!


More News & Resources

Lavelle Law News and Events

The most common commercial lease types and how they impact both parties.
By Theodore M. McGinn June 13, 2025
Other than payroll costs, there is generally no other larger ongoing cost that a business pays than its commercial lease obligation. Moreover, often the term for a typical commercial lease will extend far into the life of any business. Finally, there are a multitude of ways in which a poorly drafted lease can cause a business to incur significant unforeseen costs. Accordingly, it is critical that every business devotes the necessary resources, including the use of an experienced lawyer, to negotiate a fair lease.
IRS Issues Statistics on its 2024 Operations
By Timothy M. Hughes June 10, 2025
A recent press release by the IRS addressed the Fiscal Year (“FY”) 2024 (Oct. 1, 2023 – Sept. 30, 2024) Data Book, describing the Agency’s activities. For the first time, revenue collected exceeded 5 trillion dollars, accounting for 96% of total government revenue. The IRS’s expenditures to collect over $5 trillion were $18.2 billion for overall operations in FY 2024, with 90,516 full-time equivalent employees.
When should you prepare, review, or update estate plan documents?
By Jackie R. Luthringshausen June 2, 2025
As life changes, it is important to recognize major life events when it is pertinent to prepare, review, or update estate plan documents. Whether you recently got married, just had a baby, bought a house, went through a divorce, have an adult child, or are acquiring assets that may need tax planning provisions, be proactive and make sure the proper estate plan documents are in place.
Learn key strategies and legal tools to protect your business and avoid litigation.
By Lavelle Law May 27, 2025
Key strategies and tools to protect business assets were the topics of Lavelle Law’s Breakfast Briefs presentation on May 21, 2025. Attorneys Matt Sheahin and Jennifer Tee presented important legal strategies for business owners as well as business and office managers, business brokers, and insurance professionals. Topics included Non-Compete Agreements, Shielding Trade Secrets, Nuances of Temporary Restraining Orders (TROs), Injunctive Relief, Contracts, and Managing Risks.
Employment Law Success Story
By Employment Law May 23, 2025
Our client contacted us for advice regarding the termination of a long-time employee who was failing to meet performance standards. Our client already provided several accommodations for this employee, but they still were not meeting the mark.
Every adult should have an estate plan in Illinois.
By Heather A. McCollum May 22, 2025
When people hear “estate planning,” they often picture wealthy individuals with sprawling mansions and complex assets. But the truth is, everyone — regardless of income, age, or family size — can benefit from having an estate plan.
IRS Whistleblower Office Releases Operating Plan Outlining Integrated Approach to Advance Program
By Timothy M. Hughes May 10, 2025
The Internal Revenue Service recently issued a press release addressing the IRS Whistleblower Office’s publishing its first-ever multi-year operating plan that outlines its guiding principles, strategic priorities, recent achievements, and current initiatives to advance the IRS Whistleblower Program.
The Junk Fee Ban Act and pricing transparency legislation.
By Sarah J. Reusché and Jacob Rotolo April 23, 2025
If enacted, the Junk Fee Ban Act would protect consumers from hidden fees and promote fair business practices in Illinois. While there has yet to be legislation in the proposed Junk Fee Ban Act that excludes dealerships, it will be important to look for future updates on this bill, as Illinois is quickly becoming a hub for vehicle innovation and automotive plant expansion.
Ancillary probate is required when a person dies owning real estate outside of their home state.
By Heather A. McCollum April 21, 2025
When someone passes away owning property in another state, their estate may need to go through ancillary probate—a secondary court process in that state.
$9.9 Million Dollar Purchase of Packaged Multi-Unit Properties
By Commercial Real Estate April 18, 2025
Lavelle Law represented a joint venture in its $9.9 million acquisition of four multi-unit buildings.
More Posts