The capitalization method shall mean crediting such tax payments directly to the loan principal upon receipt and increasing the loan balance when the taxes are paid.
765 ILCS 910/10
The provisions of this Act shall not be applicable to a mortgage lender using the capitalization method of accounting for receipt of payments for taxes
Known as the Mortgage Escrow Account Act
The act spans §§ 765-910-1 to 765-910-9 (14 sections).
P.A. 79-625.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.