Escrow Accounts or escrow-like arrangements established after the effective date of this Act in conjunction with mortgage agreements for single-family owner occupied residential property are hereby declared separate and distinct transactions from mortgages and, hence, subject to the laws and regulations of this State.
765 ILCS 910/3
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.