|Public Act 094-0883
||LRB094 15866 BDD 51087 b
AN ACT concerning property.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Mortgage Escrow Account Act is amended by
changing Section 15 as follows:
(765 ILCS 910/15)
Notice of tax payments.
(a) When any mortgage
lender pays the property tax from an
escrow account, the mortgage lender must give the borrower
written notice of the following, within 45 business days after
the tax payment:
(1) the date the taxes were paid;
(2) the amount of taxes paid; and
(3) the permanent index number, mortgage account
number, address of the property, or other property
description that is used for assessment and taxation
the Property Tax Code.
(b) The notice required in subsection (a) may be included
on or with other documents, notices, or statements provided to
the borrower. If more than one borrower is obligated on the
loan, only one borrower who is primarily liable on the loan
need be given notice. Notice may be delivered, mailed, or
transmitted by any usual means of communication.
(c) Notwithstanding the requirements in subsection (a), a
mortgage lender that provides notice
at least annually
borrower in the manner provided in subsection (b) of a means of
communication for the borrower to access the
forth in subsection (a) by telephone, facsimile, e-mail,
Internet access, or other means of communication, is deemed to
compliance with subsection (a).
(Source: P.A. 94-50, eff. 1-1-06.)