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IL HB2965

Bill

Official Source

Status

Passed

8/22/2017

Primary Sponsor

Jaime Andrade

Click for details

Origin

House of Representatives

100th General Assembly

AI Summary

  • Amends the Residential Mortgage License Act of 1987 by adding Section 5-8.5 regarding arrearage payments
  • Prohibits mortgage licensees from refusing to accept payments from mortgagors who are more than one month in arrears, provided payments are offered in whole month payment amounts
  • Requires such payments to be applied to the unpaid balance according to the terms specified in the mortgage agreement
  • Preserves the licensee's ability to enforce all other rights and remedies under the mortgage and does not reduce the mortgagor's obligations under the loan

Legislative Description

MORTGAGE LOAN-ARREARS PAYMENT

Last Action

Public Act . . . . . . . . . 100-0268

8/22/2017

Committee Referrals

Financial Institutions4/25/2017
Assignments4/4/2017
Financial Institutions2/22/2017
Rules2/9/2017

Full Bill Text

No bill text available