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Public Act 100-0268
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| HB2965 Enrolled | LRB100 09677 RJF 21710 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Residential Mortgage License Act of 1987 is |
amended by adding Section 5-8.5 as follows:
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(205 ILCS 635/5-8.5 new) |
Sec. 5-8.5. Arrearage payments. When a mortgagor is in |
arrears more than one month, no licensee shall refuse to accept |
any payments offered by the mortgagor in whole month payment |
amounts. Such payments shall be applied to the unpaid balance |
in the manner provided in the licensee's mortgage with that |
mortgagor. |
Nothing in this Section shall be construed to otherwise |
impair the ability of the licensee to enforce its rights under |
the mortgage with that mortgagor; nothing in this Section shall |
be construed to otherwise impair the obligations of the |
mortgagor under the mortgage with the licensee.
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