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90_HB1276
765 ILCS 910/5.1 new
Amends the Mortgage Escrow Account Act. Requires a
mortgage lender to pay interest to the borrower on escrow
accounts at the rate the largest bank with its main banking
premises in Illinois pays on standard savings accounts.
Effective immediately.
LRB9003966PTcw
LRB9003966PTcw
1 AN ACT to amend the Mortgage Escrow Account Act by adding
2 Section 5.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Mortgage Escrow Account Act is amended by
6 adding Section 5.1 as follows:
7 (765 ILCS 910/5.1 new)
8 Sec. 5.1. Interest payment on escrow account. A
9 mortgage lender that requires an escrow account or an
10 arrangement similar to an escrow account, including, but not
11 limited to, a property tax escrow account or an insurance
12 payment escrow account, shall pay interest to the borrower,
13 calculated on a daily basis, at the rate the largest bank
14 with its main banking premises in Illinois pays on standard
15 savings accounts.
16 Section 99. Effective date. This Act takes effect upon
17 becoming law.