Act
Mortgage Escrow Account Act
- 765 ILCS 910/1— This Act shall be known as the "Mortgage Escrow Account Act"
- 765 ILCS 910/2
- 765 ILCS 910/3
- 765 ILCS 910/4— On or after the effective date of this Act, each mortgage lender in conjunction with the granting or servicing of a mortgage on a single-family owner occupied residential property, shall comply with the provisions of this Act
- 765 ILCS 910/5
- 765 ILCS 910/6— In lieu of the mortgage lender establishing an escrow account or an escrow-like arrangement, a borrower may pledge an interest bearing time deposit with the mortgage lender in an amount sufficient to secure the payment of anticipated taxes
- 765 ILCS 910/6.5— Homeownership preservation program
- 765 ILCS 910/7— The borrower shall not have the right to terminate any such arrangement under Section 5 in conjunction with mortgages insured, guaranteed, supplemented, or assisted by the State of Illinois or the federal government that require an escrow arrangement for their continuation
- 765 ILCS 910/8
- 765 ILCS 910/9— Failure of any mortgage lender operating within this State to comply with the provisions of this Act shall entitle the borrower to actual damages in a court action
- 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
- 765 ILCS 910/11— Notice of the requirements of the Act shall be furnished in writing to the borrower at the date of closing
- 765 ILCS 910/12— This Act takes effect on January 1, 1976
- 765 ILCS 910/15— Notice of tax payments