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

Consolidated Omnibus Budget Reconciliation Act (COBRA)
By James P. Berg April 27, 2026
Losing a job or experiencing a change in employment status can be stressful, particularly when it impacts health insurance coverage. The Consolidated Omnibus Budget Reconciliation Act (“COBRA”) provides a critical safety net by allowing employees and their families to continue employer-sponsored health coverage.
Success Story - Strategic Defense in Probate Property Dispute
By Probate Litigation April 27, 2026
In a contentious probate matter involving a disputed deed to residential property, our client, the administrator of the estate, seeks to recover assets after the deed was recorded by the decedent’s neighbor.
Major life events, shifts in financial status, and changes in the law can affect your estate plan.
By Heather A. McCollum and Gabriel P. Kokoszka April 14, 2026
Major life events, shifts in financial status, and changes in the applicable law can all affect your estate plan, and those changes may require you to make some edits to your documents. So, this spring, dust off your estate plan and consider the following 8 circumstances that signal an update is needed.
IRS Announces Filing Season is Progressing Smoothly
By Timothy M. Hughes April 10, 2026
The Internal Revenue Service recently announced that it is seeing the 2026 filing season have a rise in tax refunds. With the April 15th deadline approaching, the IRS stated that there is a smooth pace at which taxpayers are getting their refunds, with the high use of electronic filing.
Join our session to learn legal tips for successfully launching or growing a business!
By Lavelle Law April 3, 2026
Launching or growing a business? Don’t get tripped up by the legal stuff that can make or break you. Join us for this free seminar on May 13, 2026, and learn key legal tips for entrepreneurs.
Experienced business attorney Kerry Lavelle breaks down the three main avenues for buying a business
By Kerry M. Lavelle March 24, 2026
Thinking about buying a business? There’s more than one way to do it, and choosing the right path can save you time, money, and headaches. In this video, experienced business attorney Kerry Lavelle breaks down the three main avenues for buying a business, along with the pros and cons of each.
Lessons from the Chance the Rapper Manager Dispute
By Anthony V. Letto March 19, 2026
A lawsuit involving Chance the Rapper and his former manager, Pat Corcoran, highlights a costly lesson for businesses, creatives, and entrepreneurs alike: handshake deals can lead to million-dollar disputes.
Lavelle Saves Client $330K with Strategic Timing and Collaboration
By Tax Group March 18, 2026
Our client was haunted by non-dischargeable federal tax liabilities of over $400K from a business venture. After strategic timing and working with our Bankruptcy team, $330K was written off by the IRS before we filed Chapter 7 for the client, and he suffered no adverse results from the four-month delay.
Join Lavelle Law on April 9, for our Business After Hours!
By Team Lavelle March 13, 2026
Play Ball with Lavelle Law on April 9! Step up to the plate and join our annual Business After Hours event, hosted in the friendly confines of our Schaumburg office. Bonus points: Feel free to rock your favorite baseball team’s gear and show off your fandom while you’re at it! Free event for SBA members!
IRS Announces its Dirty Dozen Tax Scams for 2026
By Timothy M. Hughes March 10, 2026
The IRS announced its annual Dirty Dozen list of tax scams for 2026 that threaten the tax and financial information of taxpayers, businesses, and tax professionals. The Dirty Dozen is part of a broader campaign conducted by the IRS to educate taxpayers about identity theft schemes and other forms of fraud.
More Posts