Illinois Compiled Statutes 310 ILCS 45 — Illinois Mortgage Insurance Fund Act.

This Act may be cited as the Illinois Mortgage Insurance Fund Act

This Act may be cited as the Illinois Mortgage Insurance Fund Act. (Source: P.A. 86-1475.)

The General Assembly hereby finds, determines and declares: (a) That there exists throughout the State a seriously inadequate supply of safe, sanitary and affordable housing accommodations for persons and families of low and moderate income in multiple-unit dwellings; (b) That this inadequate supply of safe, sanitary a…

The following terms, whenever used or referred to in this Act, shall have the following meanings, except in such instances where the context may clearly indicate otherwise: (a) "Agency" means the public body, corporate and politic, created by this Act. (b) "Eligible Urban and Rural Areas" means each census tract in the…

There is hereby created a body corporate and politic which shall be an agency of the State of Illinois by the name of the Illinois Mortgage Insurance Agency, whose powers shall be vested in a body consisting of 5 members appointed by the Governor with the advice and consent of the Senate. The members of the Agency shal…

There is hereby created the Mortgage Insurance Fund

There is hereby created the Mortgage Insurance Fund. The Agency shall have custody of the Mortgage Insurance Fund, which shall be held outside of the State Treasury; custody may be transferred by the Agency to and held by any bank, trust company or other fiduciary with whom the Agency executes an agreement. The Agency…

The Agency shall have the following powers: (a) To establish application fees and prescribe application, notification, contract and insurance forms, rules and regulations it deems necessary or appropriate; (b) To insure and make advance commitments to insure all or any part of the payments required on qualified mortgag…

The Agency shall undertake such studies, investigations and research as are required to identify the needs of the homeless mentally ill persons of this State, and the programs and funding sources necessary to meet the needs of the homeless mentally ill persons, and the available programs and funding sources to address…

(a) The Agency shall adopt regulations specifying the percentage of the outstanding principal indebtedness which may be insured under this Act with respect to each category of mortgages authorized to be insured under this Act. Mortgages may be insured only for such percentage of the amount of risk as the Agency determi…

The Agency shall allocate not less than 75% of its available mortgage insurance assistance to eligible urban and rural areas throughout the State

The Agency shall allocate not less than 75% of its available mortgage insurance assistance to eligible urban and rural areas throughout the State. The Agency shall establish priorities for the allocation of mortgage insurance assistance, taking into account the following factors: (a) The impact of mortgage insurance as…

In order to classify a mortgage as a qualified mortgage under this Act, the Agency must first find: (a) That the property which is the security for such mortgage meets the requirements established in Section 8; (b) That the mortgagor is responsible and credit-worthy; (c) That the mortgage is in such principal amount an…

The Agency shall establish procedures to be followed by a mortgagee in the event of a default under the terms of any mortgage insured by the Agency

The Agency shall establish procedures to be followed by a mortgagee in the event of a default under the terms of any mortgage insured by the Agency. The Agency may require that prior to submitting a claim to it for payment of insurance, the mortgagee pursue such actions with respect to the mortgaged property as may be…

The Agency and the Mortgage Insurance Fund created hereunder shall not be subject to the Illinois Insurance Code, as amended

The Agency and the Mortgage Insurance Fund created hereunder shall not be subject to the Illinois Insurance Code, as amended. (Source: P.A. 83-1392.)