2005 Illinois Code - Chapter 765 Property 765 ILCS 920/ Mortgage Payment Statement Act.
(765 ILCS 920/0.01) (from Ch. 95, par. 70)
Sec. 0.01.
Short title.
This Act may be cited as the
Mortgage Payment Statement Act.
(Source: P.A. 86‑1324.)
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(765 ILCS 920/1) (from Ch. 95, par. 71)
Sec. 1.
As used in this Act:
"Agreement" means any mortgage, trust deed or other conveyance having
the effect of a mortgage, or any contract for deed, with respect to real
property situated in this State.
"Obligor" means the mortgagor, the grantor of a trust deed or similar
conveyance, the purchaser under a contract for deed, or the successor in
interest of any of the foregoing.
"Obligee" means the mortgagee, the grantee of a trust deed or similar
conveyance, the seller under a contract for deed, or the successor in
interest of any of the foregoing.
(Source: Laws 1963, p. 1533.)
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(765 ILCS 920/2) (from Ch. 95, par. 72)
Sec. 2.
When any agreement provides for periodic payments to be made by the
obligor to the obligee, which payments are to include taxes or insurance,
or both, with respect to the property covered by the agreement, and the
amount of such periodic payments is increased by reason of an increase in
taxes or insurance premiums, or both, the obligee must, upon written
request of the obligor, mail or deliver to the obligor an itemized
statement showing the respective amounts of each payment applied to taxes,
insurance, and other items.
(Source: Laws 1963, p. 1533.)
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