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| | HB2965 Engrossed | | 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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