Illinois General Assembly - Illinois Compiled Statutes

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765 ILCS 910/2

(765 ILCS 910/2) (from Ch. 17, par. 4902)

Sec. 2. As used in this Act, unless the context requires otherwise:

(a) "Escrow Account" means any account established by the mortgage lender
in conjunction with a mortgage loan on a residence, into which the borrower
is required to make regular periodic payments and out of which the lender
pays the taxes on the property covered by the mortgage.

(b) "Borrower" means the person obligated under the mortgage loan.

(c) "Mortgage Lender" means any bank, savings bank, savings and loan association, credit union, mortgage banker, or other institution, association, partnership, corporation
or person who extends the loan of monies for the purpose of enabling another
to purchase a residence or who services the loan, including successors in interest of the foregoing.

(d) "Escrow-like Arrangement" means any arrangement the intent of which
is to serve the same purposes as an escrow account but which does not require
the formal establishment of an account.

(Source: P.A. 94-50, eff. 1-1-06.)