(765 ILCS 930/20)
Sec. 20.
Annual notification statement.
After July 1, 1998, in addition to
the transaction disclosure requirement set forth in Section 15 and
within 30 days after the end of the calendar year, the mortgagee shall inform
the mortgagor in writing of the procedure to cancel the private mortgage
insurance together with the telephone number and address. The annual statement
required by this Section may be printed on or included with any other annual
statement that is required by any federal or State law to be made by the
mortgagee to the mortgagor.
Nothing contained in this Section shall prevent a mortgagee from waiving any
or all of the conditions of its cancellation policy in effect when the mortgage
loan is originated or from modifying its cancellation policy applicable to a
particular mortgage loan from time to time, upon the written approval of the
mortgagor. If a cancellation policy is modified, the mortgagor shall be
notified within 30 days of material changes to the policy.
(Source: P.A. 90-455, eff. 7-1-98; 91-357, eff. 7-29-99.)
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