Illinois Compiled Statutes 765 Property: Article -
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 1
Short title. This Act may be cited as the Mortgage Rescue Fraud Act. (Source: P.A. 94-822, eff. 1-1-07.)
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 5
Definitions. As used in this Act: "Distressed property" means residential real property consisting of one to 6 family dwelling units that is in foreclosure or...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 7
Residential Mortgage License Act of 1987 licensees. Licensees of the Residential Mortgage License Act of 1987 are exempt from the requirements of Sections 10, 15,...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 10
Distressed property consultant contract terms. (a) A distressed property consultant contract must be in writing and must fully disclose the exact nature of the distressed...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 15
Rescission of distressed property consultant contract. (a) In addition to any other legal right to rescind a contract, an owner has the right to cancel...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 20
Waiver of a distressed property consultant contract. (a) Any waiver by an owner of the provisions of Section 10 or 15 is void and unenforceable...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 25
Distressed property conveyance contract. A distressed property purchaser shall enter into every distressed property conveyance in the form of a written contract. Every distressed property...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 30
Distressed property conveyance contract terms. Every contract required by Section 25 must contain the entire agreement of the parties, be fully assignable, and survive delivery...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 35
Cancellation of a distressed property conveyance contract. (a) In addition to any other right of rescission, the owner of the distressed property has the right...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 40
Notice of cancellation of a distressed property conveyance contract. (a) The contract must contain in immediate proximity to the space reserved for the owner of...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 45
Waiver of a distressed property conveyance contract. Any waiver of the provisions of Sections 35 and 40 are void and unenforceable as contrary to public...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 50
Violations. (a) It is a violation for a distressed property consultant to: (1) claim, demand, charge, collect, or receive any compensation until after the distressed...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 55
Civil remedies. (a) A violation of any of the provisions of this Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 60
Criminal mortgage rescue fraud. A person commits the offense of criminal mortgage rescue fraud when he or she intentionally violates any provision enumerated in Section...
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 65
Criminal penalties. A person who commits the offense of criminal mortgage rescue fraud is guilty of a Class 2 felony. (Source: P.A. 94-822, eff. 1-1-07.)
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 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,...
- Illinois Property: Article -
Amendatory provisions; text omitted
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 300
(Amendatory provisions; text omitted). (Source: P.A. 94-822, eff. 1-1-07; text omitted.)
- Illinois Mortgage Rescue Fraud Act. - 765 ILCS 940, Section 999
Effective date. This Act takes effect January 1, 2007. (Source: P.A. 94-822, eff. 1-1-07.)
Last modified: February 18, 2015