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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB2965 Introduced , by Rep. Jaime M. Andrade, Jr. SYNOPSIS AS INTRODUCED:
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Amends the Residential Mortgage License Act of 1987. Provides that when a mortgagor is in arrears more than one month, no licensee shall refuse to accept any payments offered by the mortgagor in whole month payment amounts. Provides that such payments shall be applied to the unpaid balance in the manner provided in the licensee's mortgage with that mortgagor.
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| | A BILL FOR |
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| | HB2965 | | LRB100 09677 RJF 21710 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Residential Mortgage License Act of 1987 is |
| 5 | | amended by adding Section 5-8.5 as follows:
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| 6 | | (205 ILCS 635/5-8.5 new) |
| 7 | | Sec. 5-8.5. Arrearage payments. When a mortgagor is in |
| 8 | | arrears more than one month, no licensee shall refuse to accept |
| 9 | | any payments offered by the mortgagor in whole month payment |
| 10 | | amounts. Such payments shall be applied to the unpaid balance |
| 11 | | in the manner provided in the licensee's mortgage with that |
| 12 | | mortgagor. |
| 13 | | Nothing in this Section shall be construed to otherwise |
| 14 | | impair the ability of the licensee to enforce its rights under |
| 15 | | the mortgage with that mortgagor; nothing in this Section shall |
| 16 | | be construed to otherwise impair the obligations of the |
| 17 | | mortgagor under the mortgage with the licensee.
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