Illinois Compiled Statutes 815 Business Transactions: Article -

• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 1
  Short title. This Act may be cited as the High Risk Home Loan Act. (Source: P.A. 93-561, eff. 1-1-04.)
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 5
  Purpose and construction. The purpose of this Act is to protect borrowers who enter into high risk home loans from abuse that occurs in...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 10
  Definitions. As used in this Act: "Approved credit counselor" means a credit counselor approved by the Director of Financial Institutions. "Borrower" means a natural...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 15
  Ability to repay. A creditor or broker shall not transfer, deal in, offer, or make a high risk home loan if the creditor or...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 20
  Verification of ability to repay loan. The lender shall verify the borrower's ability to repay the loan in the case of a high risk...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 25
  Good faith dealings; fraudulent or deceptive practices. A lender must act in good faith in all relations with a borrower, including but not limited...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 30
  Prepayment penalty. For any loan that is subject to the provisions of this Act and is not subject to the provisions of the Home...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 35
  Bona fide discount points. For the purposes of determining whether the amount of points and fees meets the definition of "high risk home loan" under...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 35.5
  No balloon payments. No high risk home loan may contain a scheduled payment that is more than twice as large as the average of earlier...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 40
  Pre-paid insurance products and warranties. No lender shall transfer, deal in, offer, or make a high risk home loan that finances a single premium...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 45
  Refinancing prohibited in certain cases. No lender shall refinance any high risk home loan where such refinancing charges additional points and fees within a...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 55
  Financing of points and fees. No lender shall transfer, deal in, offer, or make a high risk home loan that finances points and fees...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 60
  Payments to contractors. No lender shall make a payment of any proceeds of a high risk home loan directly to a contractor under a...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 65
  Negative amortization. No lender shall transfer, deal in, offer, or make a high risk home loan, other than a loan secured only by a...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 70
  Negative equity. No lender shall transfer, deal in, offer, or make a high risk home loan where the loan amount exceeds the value of...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 80
  Late payment fee. A lender shall not transfer, deal in, offer, or make a high risk home loan that provides for a late payment...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 80.5
  Coordination with subsequent late fees. If a payment is otherwise a full payment for the applicable period, is paid on its due date or within...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 80.6
  Failure to make installment payment. If, in the case of a loan agreement the terms of which provide that any payment shall first be applied...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 85
  Payment compounding. No lender shall transfer, deal in, offer, or make a high risk home loan that includes terms under which more than 2...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 90
  Call provision. No lender shall transfer, deal in, offer, or make a high risk home loan that contains a provision that permits the lender,...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 90.5
  Modification and deferral fees prohibited. A lender, successor in interest, assignee, or any agent of any of the foregoing may not charge a consumer any...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 95
  Disclosure prior to making a high risk home loan. A lender shall not transfer, deal in, offer, or make a high risk home loan...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 100
  Counseling prior to perfecting foreclosure proceedings. (a) If a high risk home loan becomes delinquent by more than 30 days, the servicer shall send...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 105
  Right to cure. (a) Before an action is filed to foreclose or collect money due pursuant to a high risk home loan or before...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 110
  Mortgage Awareness Program. (a) The Mortgage Awareness Program is a counseling and educational component that must be provided by the Director and the Commissioner....
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 115
  Report of default and foreclosure rates on conventional loans. (a) On or before October 1 and April 1 of each year, each servicer of...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 120
  Review and analysis. (a) The Commissioner or Director shall review and analyze the default and foreclosure rate data reports submitted under Section 115. (b)...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 125
  Third party review of high risk home loans. (a) In the case of any high risk home loan, the borrower shall be afforded the...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 130
  Circumstances voiding mandatory arbitration provisions. Without regard to whether a borrower is acting individually or on behalf of others similarly situated, a mandatory arbitration...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 135
  Remedies, enforcement, and limitations of liability. (a) The remedies provided in this Act are cumulative and apply to persons or entities subject to this...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 145
  Subterfuge prohibited. No lender, with the intent to avoid the application or provisions of this Act, shall (i) divide a loan transaction into separate...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 150
  Preemption of administrative rules. Any relevant administrative rule promulgated before the effective date of this Act by the Department or the Office is preempted....
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 153
  Reporting of violations. The Office and the Department must report to the Attorney General all violations of this Act of which they become aware....
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 155
  Rulemaking. The Office and the Department may adopt reasonable rules to implement and administer this Act. (Source: P.A. 93-561, eff. 1-1-04.)
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 160
  Judicial review. All final administrative decisions under this Act are subject to judicial review pursuant to the provisions of the Administrative Review Law and...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 165
  Waiver prohibited. There shall be no waiver of any provision of this Act, except as explicitly provided in subsection (h) of Section 110. (Source:...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 170
  Superiority of Act. To the extent this Act conflicts with any other Illinois State financial regulation laws, except the Interest Act, this Act is...
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 175
  Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 93-561, eff. 1-1-04.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 800
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 805
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 810
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 815
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 820
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 825
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 830
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
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• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 835
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 840
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois Business Transactions: Article -
  Amendatory provisions; text omitted
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 845
  (Amendatory provisions; text omitted). (Source: P.A. 93-561, eff. 1-1-04; text omitted.)
• Illinois High Risk Home Loan Act. - 815 ILCS 137, Section 900
  Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 93-561, eff. 1-1-04.)

Last modified: February 18, 2015