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

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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: (Passed) 2017-08-22 - Public Act . . . . . . . . . 100-0268 [HB2965 Detail]

Download: Illinois-2017-HB2965-Engrossed.html

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HB2965 Engrossed LRB100 09677 RJF 21710 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Residential Mortgage License Act of 1987 is
amended by adding Section 5-8.5 as follows:
(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.