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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4519
Introduced 1/11/2006, by Rep. Karen A. Yarbrough SYNOPSIS AS INTRODUCED:
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Amends the Mortgage Escrow Account Act. In a Section concerning a mortgage lender providing notice of tax payments, provides that notice to a borrower must be on at least an annual basis.
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A BILL FOR
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HB4519 |
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LRB094 15866 BDD 51087 b |
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| AN ACT concerning property.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Mortgage Escrow Account Act is amended by |
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| changing Section 15 as follows:
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| (765 ILCS 910/15) |
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| Sec. 15. Notice of tax payments. |
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| (a) When any mortgage
lender pays the property tax from an |
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| escrow account, the mortgage lender must give the borrower |
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| written notice of the following, within 45 business days after |
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| the tax payment: |
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| (1) the date the taxes were paid; |
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| (2) the amount of taxes paid; and |
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| (3) the permanent index number, mortgage account |
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| number, address of the property, or other property |
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| description that is used for assessment and taxation |
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| purposes under
the Property Tax Code. |
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| (b) The notice required in subsection (a) may be included |
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| on or with other documents, notices, or statements provided to |
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| the borrower. If more than one borrower is obligated on the |
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| loan, only one borrower who is primarily liable on the loan |
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| need be given notice. Notice may be delivered, mailed, or |
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| transmitted by any usual means of communication. |
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| (c) Notwithstanding the requirements in subsection (a), a |
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| mortgage lender that provides notice at least annually to a |
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| borrower in the manner provided in subsection (b) of a means of
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| communication for the borrower to access the
information set |
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| forth in subsection (a) by telephone, facsimile, e-mail, |
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| Internet access, or other means of communication, is deemed to |
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| be in
compliance with subsection (a).
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| (Source: P.A. 94-50, eff. 1-1-06.)
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