Illinois Compiled Statutes 205 ILCS 205 Savings Bank Act. Section 6006

    (205 ILCS 205/6006) (from Ch. 17, par. 7306-6)

    Sec. 6006. Modification agreements. A savings bank, at any time, may enter into a written agreement with a borrower to modify, in any manner not inconsistent with the provisions of this Act, the terms of a loan as to the amount, time or method of the payments to be made, the interest rate, and any other provision of the loan contract, and the loan contract and the security instrument shall not be prejudiced by the making of any modification, even if a modification was not provided for in the loan contract.

(Source: P.A. 86-1213.)

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Last modified: February 18, 2015