Illinois General Assembly - Full Text of Public Act 093-1021

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Public Act 093-1021

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Public Act 1021 93RD GENERAL ASSEMBLY

Public Act 093-1021

SB3077 Enrolled LRB093 19713 LCB 45454 b

    AN ACT concerning mortgages.

    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:

    Section 5. The Mortgage Insurance Limitation and
Notification Act is amended by adding Section 17 as follows:

    (765 ILCS 930/17 new)
    Sec. 17. Insurance coverage.
    (a) No lender shall require a borrower, as a condition of
receiving or maintaining a loan secured by real property, to
provide hazard insurance coverage against risks to the
improvements on that real property in an amount exceeding the
replacement value of the improvements on the property.
    (b) Any person harmed by a violation of this Section shall
be entitled to obtain injunctive relief and may recover damages
and reasonable attorney's fees and costs.
    (c) A violation of this Section does not affect the
validity of the loan, note secured by a deed of trust,
mortgage, or deed of trust.

    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/24/2004

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