Illinois Compiled Statutes 765 ILCS 940 Mortgage Rescue Fraud Act. Section 70

    (765 ILCS 940/70)

    Sec. 70. Distressed property consultant compensation. In transactions that reduce the existing payment on a homeowner's mortgage loan for a period of no less than 5 years, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation that exceeds the lesser of the homeowner's:

        (1) existing monthly principal and interest mortgage

    payment; or

        (2) total net savings derived from the lowered

    monthly principal and interest mortgage payment over the succeeding 12 months.

    For all other transactions, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation for any reason that exceeds 50% of the owner's existing monthly principal and interest mortgage payments.

(Source: P.A. 95-1047, eff. 4-6-09.)

Sections:  Previous  10  15  20  25  30  35  40  45  50  55  60  65  70  300  999  Next

Last modified: February 18, 2015