There Is a Newer Version of the Illinois Compiled Statutes
2005 Illinois Code - 205 ILCS 635/ Residential Mortgage License Act of 1987. Article V - Lending Procedures
(205 ILCS 635/5‑1) (from Ch. 17, par. 2325‑1)
Sec. 5‑1.
The Commissioner may promulgate rules with respect to
brokering and lending procedures of residential mortgage licensees as
necessary to accomplish the purposes of this Act.
(Source: P.A. 85‑735.)
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(205 ILCS 635/5‑5)
Sec. 5‑5. Reverse mortgages; disclosure; good faith dealings, fraudulent or deceptive practices. (a) At the time a reverse mortgage
loan is made or brokered, a licensee must provide to the mortgagor a separate
document that informs the mortgagor that by obtaining the reverse mortgage
the mortgagor's eligibility to obtain a tax deferral under the Senior Citizens
Real Estate Tax Deferral Act may be adversely affected. The mortgagor must
sign the disclosure document as part of the reverse mortgage transaction. (b) A licensee must act in good faith in all relations with a borrower, including but not limited to, transferring, dealing in, offering, or making a reverse mortgage loan. No licensee shall employ fraudulent or deceptive acts or practices in the making of a reverse mortgage loan, including deceptive marketing and sales efforts.
(Source: P.A. 92‑577, eff. 6‑26‑02; 93‑863, eff. 8‑5‑04.)
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