Illinois Chapter 765 Property
765 ILCS 915/ Mortgage Tax Escrow Act.Code Resources
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(765 ILCS 915/0.01) (from Ch. 17, par. 5000)
Sec. 0.01.
Short title.
This Act may be cited as the
Mortgage Tax Escrow Act.
(Source: P.A. 86‑1324.)
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(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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