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!


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