HB0144ham001 100TH GENERAL ASSEMBLY

Rep. Martin J. Moylan

Filed: 3/14/2017

10000HB0144ham001 LRB100 02254 HEP 22248 a

AMENDMENT TO HOUSE BILL 144

AMENDMENT NO. ______. Amend House Bill 144 by replacing everything after the enacting clause with the following:

"Section 5. The Mortgage Escrow Account Act is amended by adding Section 4.5 as follows:

(765 ILCS 910/4.5 new)

Sec. 4.5. Interest on escrow account. If any mortgage lender requires that a borrower maintain an escrow account, the mortgage lender shall pay the borrower interest on the moneys that the borrower paid into the escrow account for property tax purposes. The mortgage lender shall pay interest at the rate of 3% per annum or the lender's passbook savings account rate, whichever is greater, calculate the interest monthly, and pay the interest at least quarterly.".