Bill Text: IL HB2965 | 2017-2018 | 100th General Assembly | Engrossed


Bill Title: Amends the Residential Mortgage License Act of 1987. Provides that 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. Provides that such payments shall be applied to the unpaid balance in the manner provided in the licensee's mortgage with that mortgagor.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Enrolled) 2017-05-25 - Passed Both Houses [HB2965 Detail]

Download: Illinois-2017-HB2965-Engrossed.html



HB2965 EngrossedLRB100 09677 RJF 21710 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Residential Mortgage License Act of 1987 is
5amended by adding Section 5-8.5 as follows:
6 (205 ILCS 635/5-8.5 new)
7 Sec. 5-8.5. Arrearage payments. When a mortgagor is in
8arrears more than one month, no licensee shall refuse to accept
9any payments offered by the mortgagor in whole month payment
10amounts. Such payments shall be applied to the unpaid balance
11in the manner provided in the licensee's mortgage with that
12mortgagor.
13 Nothing in this Section shall be construed to otherwise
14impair the ability of the licensee to enforce its rights under
15the mortgage with that mortgagor; nothing in this Section shall
16be construed to otherwise impair the obligations of the
17mortgagor under the mortgage with the licensee.
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