Illinois Compiled Statutes 765 ILCS 915 Mortgage Tax Escrow Act. Section 1

    (765 ILCS 915/1) (from Ch. 17, par. 5001)

    Sec. 1. No agreement for the mortgage of a single-family residence shall contain any requirement that the mortgagor of the residence shall maintain in any escrow account for the payment of real property taxes or in any escrow-like arrangement for the same purpose any amount of money greater than 150% of the previous year's assessed real property tax upon the real property in regard to which the account is maintained, except in the first year of the mortgage's life.

(Source: P.A. 79-726.)

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Last modified: February 18, 2015