Illinois Fairness in Lending Act

Sections covered

• 815 ILCS 120/1This Act shall be known and may be cited as the "Illinois Fairness in Lending Act"
• 815 ILCS 120/2As used in this Act: (a) "Financial Institution" means any bank, credit union, insurance company, mortgage banking company, savings bank, savings and loan association, or other residential mortgage lender which operates or has a place of business in this State
• 815 ILCS 120/3No financial institution, in connection with or in contemplation of any loan to any person, may: (a) Deny or vary the terms of a loan on the basis that a specific parcel of real estate offered as security is located in a specific geographical area
• 815 ILCS 120/4Nothing contained in this Act shall preclude a financial institution from considering sound underwriting practices in contemplation of any loan to any person
• 815 ILCS 120/5(a) Subject to the limitation imposed by subsection (b), any person who has been aggrieved as a result of a violation of this Act may bring an individual action in the circuit court of the county in which the particular financial institution involved is located or doing business
• 815 ILCS 120/6Business Transactions › 815 ILCS 120 — Illinois Fairness in Lending Act