Act
Illinois Mortgage Insurance Fund Act
- 310 ILCS 45/1— This Act may be cited as the Illinois Mortgage Insurance Fund Act
- 310 ILCS 45/2
- 310 ILCS 45/3— The following terms, whenever used or referred to in this Act, shall have the following meanings, except in such instances where the context may clearly indicate otherwise: (a) "Agency" means the public body, corporate and politic, created by this Act
- 310 ILCS 45/4— There is hereby created a body corporate and politic which shall be an agency of the State of Illinois by the name of the Illinois Mortgage Insurance Agency, whose powers shall be vested in a body consisting of 5 members appointed by the Governor with the advice and consent of the Senate
- 310 ILCS 45/5— There is hereby created the Mortgage Insurance Fund
- 310 ILCS 45/6
- 310 ILCS 45/6.1
- 310 ILCS 45/7— (a) The Agency shall adopt regulations specifying the percentage of the outstanding principal indebtedness which may be insured under this Act with respect to each category of mortgages authorized to be insured under this Act
- 310 ILCS 45/8— The Agency shall allocate not less than 75% of its available mortgage insurance assistance to eligible urban and rural areas throughout the State
- 310 ILCS 45/9
- 310 ILCS 45/10— The Agency shall establish procedures to be followed by a mortgagee in the event of a default under the terms of any mortgage insured by the Agency
- 310 ILCS 45/11— The Agency and the Mortgage Insurance Fund created hereunder shall not be subject to the Illinois Insurance Code, as amended