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Does a foreign (NYS) corporation have to be licensed in

Illinois to issue a commercial...
Does a foreign (NYS) corporation have to be licensed in Illinois to issue a commercial mortgage in Illinois?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Illinois, Cook County
JA: Has anything been officially filed? If so, what?
Customer: Pearl,
JA: Anything else you want the lawyer to know before I connect you?
Customer: Yes, the lender has filed a mortgage document
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Answered in 5 minutes by:
9/19/2017
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 5,983
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. Do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. Additionally, most people believe a phone call is the easiest and most efficient way to handle problems. Accordingly, you will receive an automatic phone call request. If you would like a phone call, please click “Accept” when prompted.

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Customer reply replied 2 months ago
OK - Can you answer the question about licensing?
Customer reply replied 2 months ago
I prefer to text

So, based on what I can see, the company itself may not need a license, but any brokers that are working for the organization will need a license under Section 5-15 of the Real Estate License Act. The corporation will need to file as a foreign corporation with the IL Secretary of State if it is generally going to do business, but as far as the actual mortgages itself, the people, not the business need an IL license.

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Customer reply replied 2 months ago
Does the corporation have to file as a foreign corporation doing business in Illinois if they are doing only one transaction.

Technically, yes, but practically, no. Generally, any time you do business in the state, you need a license to do business; however, the practical realities are that a small number of transactions are typically not going to be enforced by the secretary of state. They are concerned with having those companies who are doing substantial business in the state register. BAsically, it's a judgment call. However, if you have a 1.5 million dollar property that you are selling, I would recommend spending the $500 to get a license. If the property is worth not a lot of money, then it may be worth the risk to save yourself some money.

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Customer reply replied 2 months ago
Are you there?

Hi, I actually just responded as you did. Take a moment to review my latest answer:

Technically, yes, but practically, no. Generally, any time you do business in the state, you need a license to do business; however, the practical realities are that a small number of transactions are typically not going to be enforced by the secretary of state. They are concerned with having those companies who are doing substantial business in the state register. BAsically, it's a judgment call. However, if you have a 1.5 million dollar property that you are selling, I would recommend spending the $500 to get a license. If the property is worth not a lot of money, then it may be worth the risk to save yourself some money.

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Customer reply replied 2 months ago
Situation:
Foreign corp issued a mortgage to a company that owes my company $$. They recorded the mortgage but did not file as a foreign corp doing business in Illinois. If I file a lien on the property, does my lien get satisfied first on the sale of the building being they never received permission to do business in the state of IL.

I see what you mean. I have no reason to believe that the fact they did not register will affect your lien at all. The fact they did not register is a separate regulatory issue the mortgage servicer would have to deal with on their own.

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Customer reply replied 2 months ago
What if their charter does not provide for lending money or extending a mortgage.

Well, then that would be an issue that they would have to handle with their board of directors and shareholders. If they issued a mortgage to a company that owes you money, then they may have company owners coming after them personally unless they subsequently approve of the deal.

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Customer reply replied 2 months ago
The are a 501C3. Their charter does not provide for lending funds

I see what you mean. Then that may be an entirely separate issue with which you may need to worry about. All you need to be concerned with is making sure you get your money from the company that owes you. if they default on the mortgage, that won't concern you directly; the same goes if they weren't licensed or if they did so without the authorization of their charter or Board. Your cause of action will be focused squarely on your debtor.

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Customer reply replied 2 months ago
You understand that the Borrower is the one that owes my company the money. I'm concerned that the lender will come before my lien when the building is sold.

I understand. It is very common that people will mortgage their homes and other property to pay off debts. If the borrower defaults on their mortgage, then it is possible that the mortgage holder (the charity) may foreclose on the property and sell it at auction and/or reclaim the property. This doesn't cut off your ability to collect from the borrower unless they file for bankruptcy protection from all of their creditors.

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Customer reply replied 2 months ago
Thanks
Have a good evening

The pleasure is all mine! Further up on the you should see a chance to give me a rating. 5-stars are always appreciated, but it is definitely not required! You can also click here in the future to request me individually. Don’t forget, if you haven’t already, you can always sign up for a membership with Just Answer and start asking more questions on the cheap.

Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 5,983
Experience: Licensed to practice before state and federal court
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