Rep. Martin J. Moylan
Filed: 3/14/2017
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO HOUSE BILL 144
| ||||||
2 | AMENDMENT NO. ______. Amend House Bill 144 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 5. The Mortgage Escrow Account Act is amended by | ||||||
5 | adding Section 4.5 as follows: | ||||||
6 | (765 ILCS 910/4.5 new) | ||||||
7 | Sec. 4.5. Interest on escrow account. If any mortgage | ||||||
8 | lender requires that a borrower maintain an escrow account, the | ||||||
9 | mortgage lender shall pay the borrower interest on the moneys | ||||||
10 | that the borrower paid into the escrow account for property tax | ||||||
11 | purposes. The mortgage lender shall pay interest at the rate of | ||||||
12 | 3% per annum or the lender's passbook savings account rate, | ||||||
13 | whichever is greater, calculate the interest monthly, and pay | ||||||
14 | the interest at least quarterly. ".
|