Illinois Compiled Statutes 205 Financial Regulation: Article V - Lending Procedures
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-1
The Commissioner may promulgate rules with respect to brokering and lending procedures of residential mortgage licensees as necessary to accomplish the purposes of this...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-5
Reverse mortgages; disclosure; good faith dealings, fraudulent or deceptive practices. (a) At the time a reverse mortgage loan is made or brokered, a licensee must...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-6
Verification of borrower's ability to repay. (a) No licensee may make, provide, or arrange for a residential mortgage loan without verifying the borrower's reasonable ability...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-7
Broker agency relationship. (a) A mortgage broker shall be considered to have created an agency relationship with the borrower in all cases and shall comply...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-8
Prepayment penalties. (a) No licensee may make, provide, or arrange a mortgage loan with a prepayment penalty unless the licensee offers the borrower a loan...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-9
Notice of change in loan terms. (a) No licensee may fail to do either of the following: (1) Provide timely notice to the borrower of...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-10
Comparable monthly payment quotes. When comparing different loans, the licensee must not state or imply that monthly loan payments, if they include amounts escrowed for...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-11
Requirement to provide borrower with a copy of all appraisals. Licensees must provide to the borrower a complete copy of any appraisal, including any appraisal...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-12
Disclosure of refinancing options. If the subject of a future loan is discussed by a licensee making, providing, or arranging a mortgage loan, the licensee...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-14
Prohibition on equity stripping and loan flipping. No licensee may engage in equity stripping or loan flipping, as those terms are defined in the Illinois...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-15
Prohibition on financing certain insurance premiums. No licensee may make, provide, or arrange for a residential mortgage loan that finances, directly or indirectly, any credit...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-16
Prohibition on encouraging default. A licensee may not recommend or encourage default or the failure to make timely payments on an existing residential mortgage loan...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 5-17
Severability. If any provision of this Act or its application to any person or circumstance is held invalid, the invalidity of that provision or application...
Last modified: February 18, 2015