UPDATE: Court Notices and Closures re: Coronavirus (COVID-19)

Last Updated: April 29, 2020   To Our Friends and Business Partners: Per the Governor’s April 1, 2020 Order, the execution of all eviction orders is suspended through April 30, 2020. Gov. J.B. Pritzker announced on April 23, 2020 that he will extend Illinois’ stay-home order for another 30 days…

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Seventh Circuit holds that reporting accurate loan information under FCRA does not include verifying…

The Seventh Circuit in Denan v. Trans Union LLC, No. 19-1519 (7th Cir. May 11, 2020) was asked to address what “accurate reporting” means under the Fair Credit Reporting Act (“FCRA”). It answered that a credit reporting agency (“CRA”) was obliged only to follow reasonable procedures to assure maximum possible…

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CFPB Provides Guidance on Taking Expedited Action to Assist Customers Impacted by the COVID-19…

On May 13, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued two FAQs providing guidance to depository and non-depository financial institutions (“institution”) on the ability to take expedited action to assist customers who experience hardship due to the COVID-19 emergency. The guidance is provided in connection with deposit accounts (checking,…

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Private process server need does need to be appointed by court to serve process…

At issue in Municipal Trust and Savings Bank v. Moriarty, et al. 2020 IL App (3d) 190016 (May 4, 2020) was whether the defendant-mortgagor in a foreclosure action was properly served such that a foreclosure judgment was void for lack of jurisdiction. The appellate court affirmed the ruling of the…

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Illinois Court holds that complaint inferred acceleration notice was provided and for a monetary…

The mortgagor, in U.S. Bank, Nat’l Ass’n as Tr. for Truman 2016 SC Title Tr. v. Reinish, 2020 IL App (2d) 190175 (April 21, 2020), asserted as a defense to a judgment of foreclosure that the mortgagee did not provide her with a notice of acceleration prior to foreclosing. The…

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Illinois appellate court rejects “sharp bidding” in sale of assets as not just and…

An Illinois appellate court condemned the practice of “sharp bidding” in First Merit Bank, N.A., v. McEnery, 2020 IL App (3d) 180287 (April 14, 2020). Where the terms of the sale of assets to satisfy a judgment require each side to submit their highest and best offers in writing by…

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Agencies Provide Regulatory Flexibility to Servicers on Mortgage Loss Mitigation and Servicing Rule Practices…

On April 3, 2020, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the State Banking Regulators (collectively the “agencies”) issued a joint statement (“Statement”)…

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Illinois Appellate Court dismisses appeal for lack of jurisdiction because lower court did not…

The tenants in Mayle v. Urban Realty Works, LLC, 2020 IL App (1st) 191018 (March 26, 2020) appealed from a judgment dismissing their complaint against multiple defendants for alleged violations of Chicago’s Residential Landlord and Tenant Ordinance (“RLTO”) and for conversion of their personal property during an eviction.  The Illinois…

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Financial Regulators Issue A Statement on Loan Modifications and Reporting When Working With Borrowers…

On March 22, 2020, the FDIC, FRB, OCC, NCUA, CFPB and the state banking regulators (“Regulators”) issued an Interagency Statement on Loan Modifications and Reporting by Financial Institutions Working with Customers Affected by the Coronavirus (the “Statement”). The Statement encourages financial institutions to work constructively with borrowers impacted by the…

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Illinois Appellate Court holds that one year statute of limitations applies to TILA rescission…

The borrowers in U.S. Bank Nat’l Assn. v. Miller, 2020 IL App (1st) 191029 (March 20, 2020) appealed from a judgment dismissing their counterclaim in a foreclosure proceeding to rescind their mortgage under the Truth in Lending Act (“TILA”). In a case of first impression, an Illinois appellate affirmed holding…

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