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  www.cscglobal.com     |     Contact Us     |     Archive July 2008

Product Updates

Registered Agent (www.cscglobal.com)

The U.S. Postal Service has changed the building number of our Hawaii registered office.

The new address is:
1003 Bishop Street
Suite 1600
Pauahi Tower
Honolulu, HI 96813

CSC® Media (www.cscglobal.com/publications)

CSC® Media, in collaboration with LexisNexis® Matthew Bender®, is pleased to announce the release of the 2008 Edition of Pennsylvania Laws Governing Business Entities. With more than 50 case annotations added to the 2008 Edition, this resource offers the most current annotated Pennsylvania business entity legislation, as well as other valuable features to make your research faster and more efficient.

Other valuable features include:

A Table of Sections Affected identifying the statutes which have been amended or added since the release of the 2007 Edition.

A Companion CD-ROM with over 100 forms for incorporation/formation, qualification, mergers, dissolution, and name reservation in Pennsylvania; plus, a list of forms and contact information for the Pennsylvania Corporations Bureau (in the book’s Appendix B).

We also announce the release of the 2008 Edition of Massachusetts Laws Governing Business Entities, which includes the latest legislative changes and over 30 new case annotations, as well as the full text of two court opinions that consider the issue of standing in derivative actions. The book’s scope has been expanded with the addition of a new appendix that provides a complete fee listing for the Corporations Division of the Secretary of the Commonwealth. The book also includes the commentary of the Task Force Working Group on the Revision of the Massachusetts Business Corporation Law. Each statute is followed by notes indicating the amending act number and year, as well as a detailed description of the resulting statutory change. The act information dates from the early 19th century and the statutory change details reach back to the 1960s.

A companion CD-ROM includes over 150 Massachusetts forms for incorporation/formation, qualification, mergers, dissolution, and name reservation for all entity types. A listing of the forms and contact information for the Massachusetts Division of Corporations can be found in the book’s Appendix.

Now online at no extra charge to DE subscribers: Delaware Laws Governing Business Entities Volumes 1 & 2. Click here to view a demonstration of the DE website or here for more information.

To order or view other CSC® titles, visit our website at www.cscglobal.com/publications or contact a LexisNexis customer service representative at 1.800.833.9844. Quantity discounts are available.

UCC (www.cscglobal.com)

New Cook County Illinois Mortgage Recording Requirements

A new statute aimed at preventing predatory residential mortgage lending took effect in Illinois on July 1, 2008. Among other provisions, the law imposes new recording requirements for recording mortgages on property located in Cook County. All mortgages to be recorded in Cook County fall within the law’s scope, even those for commercial property transactions. Consequently, all lenders must follow the new procedures when recording a mortgage in Cook County.

Senate Bill 1167, codified as Public Act 95-0691 (the “Act”), established the Anti Predatory Lending Database Program. The Act requires that every mortgage recorded in Cook County after July 1, 2008 must have a Certificate of Compliance or Certificate of Exemption attached as a cover sheet. The certificates are issued by the Department of Financial and Professional Regulation, Division of Banking through the database program web site.

The Act creates a counseling requirement for some mortgage borrowers. The requirement applies to certain mortgage transactions involving owner-occupied residential property of one to four units.

Licensed mortgage brokers and loan originators must enter information about each mortgage transaction into a database created by the program. The database will determine whether the property, entity or transaction is exempt from the program and, if not, whether borrower counseling is necessary prior to closing.

Exempt properties include residential property of five or more units, non-owner occupied property, commercial property and government property. Any entity not required to be licensed under the Illinois Residential Mortgage License Act of 1987 is except. Home equity line of credit and reverse mortgage transactions are also exempt.

Authorized access to the database is limited to mortgage brokers, loan originators, housing counselors and closing agents. These users can generate the required certificates. If an exempt entity chooses to close its own loans, then it must register as an authorized database user to create the certificates, although it does not need to enter all the information into the database.

A fact sheet on the new Cook County recording requirements is available at http://www.obre.state.il.us/RESFIN/NEWS/SB1167FactSheet.pdf. Additional information is available from the database web site at www.ilapld.com.

Please contact Paul Hodnefield at phodnefi@cscinfo.com or (800) 921-9801, extension 2375 if you have questions.

Matter & Litigation Management  |   Compliance & Governance   |  UCC & Corporate Transactions
Corporate Identity Protection   |  Corporate Trust & SPE Services

Corporation Service Company®  •  2711 Centerville Road  •  Wilmington, DE 19808  •  800-927-9800

CSCFlash™ is not intended to provide legal or professional advice. If such advice is required, you should seek the services of an attorney or other professional. CSC cannot guarantee the completeness or accuracy of the information in CSCFlash.