(765 ILCS 910/5) (from Ch. 17, par. 4905)
Sec. 5.
(a) When the mortgage is reduced to 65% of its original amount by
payments of the borrower, timely made according to the provisions of the
loan agreement secured by the mortgage, and the borrower is otherwise not
in default on the loan agreement, the mortgage lender must notify the borrower
that he may terminate such escrow account or that he may elect to continue
it until he requests a termination thereof, or until the mortgage is paid
in full, whichever occurs first. (b) Notwithstanding the requirements in subsection (a), a mortgage lender that complies with the escrow account requirements in Title 12 CFR Part 1026, as amended, for a mortgage loan that is a higher-priced mortgage loan, as defined in Title 12 CFR Part 1026, as amended, is deemed to be in compliance with subsection (a).
(Source: P.A. 103-322, eff. 7-28-23.)
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