(815 ILCS 135/0.01) (from Ch. 17, par. 5800)
Sec. 0.01.
Short title.
This Act may be cited as the
Residential Improvement Loan Act.
(Source: P.A. 86-1324.)
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(815 ILCS 135/1) (from Ch. 17, par. 5801)
Sec. 1.
No person or corporation shall disburse funds to or for the account
of, or as directed by a contractor pursuant to a loan transaction for
improvement or repair of (including remodeling of and additions to) a
residential structure without requiring and receiving prior to each such
disbursement a completion certificate as prescribed by this Act.
(Source: Laws 1963, p. 3543.)
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(815 ILCS 135/2) (from Ch. 17, par. 5802)
Sec. 2.
No person or corporation shall disburse funds to or for the account
of, or as directed by, a contractor pursuant to an issuance or transfer
thereto of a negotiable instrument evidencing a loan for improvement or
repair of (including remodeling of and additions to) a residential
structure without requiring and receiving prior to each such disbursement a
completion certificate as prescribed by this Act. Acceptance by such person
or corporation of a completion certificate in the prescribed form, without
actual knowledge of any falsity of such certificate, entitles such person
or corporation to all rights of a holder in due course of such negotiable
instrument notwithstanding any actual falsity of such certificate.
(Source: Laws 1963, p. 3543.)
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(815 ILCS 135/3) (from Ch. 17, par. 5803)
Sec. 3.
Such completion certificate shall be signed by the obligor of the
loan and by the contractor performing the aforesaid work, shall be dated,
and shall be in substantially the following form:
COMPLETION CERTIFICATE
We, the undersigned, being respectively the obligor and contractor, do
hereby certify that the contractor has performed labor or delivered
materials or both to (address of property) ...., in connection
with a contract to improve, create
an addition to, repair or remodel such property, and that as of this date
the value of the labor performed and materials delivered is $....
We do further certify that in connection with such contract there remains
labor to be performed, and materials to be delivered, of the value of $....
This Certificate is signed on (insert date).
.... (Obligor).... (Contractor)
(Source: P.A. 91-357, eff. 7-29-99.)
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(815 ILCS 135/3.1) (from Ch. 17, par. 5804)
Sec. 3.1.
When the obligor of the loan is induced by the contractor to sign
a completion certificate before the contractor has performed the labor or
delivered the materials as stated by such certificate, regardless of
whether the obligor understood the significance of his signature upon such
a certificate, the contractor shall perform the labor and deliver the
materials as stated within a reasonable time from the date the obligor
signed such document.
(Source: Laws 1965, p. 1235.)
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(815 ILCS 135/4) (from Ch. 17, par. 5805)
Sec. 4.
No funds shall be disbursed for the purposes described in this Act,
which are in excess of the value of labor performed and materials delivered
as certified in a duly executed and delivered completion certificate.
(Source: Laws 1963, p. 3543.)
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(815 ILCS 135/5) (from Ch. 17, par. 5806)
Sec. 5.
This Act does not apply to any loan made in accordance with the
provisions of Subchapter 1 of Chapter 13 of Title 12 of the United States
Code, which is designated as "Housing Renovation and Modernization".
(Source: Laws 1963, p. 3543.)
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(815 ILCS 135/6) (from Ch. 17, par. 5807)
Sec. 6.
A person or corporation convicted of any violation of this Act,
including the execution, delivery or acceptance of a completion certificate
with actual knowledge of a falsity contained therein, shall be guilty of a
business offense and shall be fined not to exceed $1,000. Any person
violating Section 3.1 of this Act is guilty of a Class A misdemeanor.
(Source: P.A. 77-2544.)
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