765 ILCS 930/1
Short Title
Short Title. This Act may be cited as the Mortgage Insurance Limitation and Notification Act. (Source: P.A. 90-455, eff. 7-1-98.)
Illinois Compiled Statutes 765 ILCS 930 — Mortgage Insurance Limitation and Notification Act.
Illinois · statute · 765 ILCS 930 · 9 active provisions
Provisions
765 ILCS 930/5
Application
Application. This Act applies to mortgages entered into on or after the effective date of this Act and only to the principal single family residence of the mortgagor. (Source: P.A. 90-455, eff. 7-1-98.)
765 ILCS 930/10
Definitions
Definitions. For the purpose of this Act: "Mortgagee" means the holder of an indebtedness secured by a mortgage of a single family residence or the entity that provides the servicing of the mortgage, meaning the receipt of payments from the mortgagor and the administration of the loan on behalf of the entity that holds…
765 ILCS 930/15
Transaction disclosure
Transaction disclosure. After July 1, 1998, if a person enters into a transaction to obtain a mortgage for his or her principal residence and private mortgage insurance may be required in connection with that transaction, the mortgagee shall disclose in writing all of the following: (1) Whether private mortgage insuran…
765 ILCS 930/17
Insurance coverage
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 p…
765 ILCS 930/20
Annual notification statement
Annual notification statement. After July 1, 1998, in addition to the transaction disclosure requirement set forth in Section 15 and within 30 days after the end of the calendar year, the mortgagee shall inform the mortgagor in writing of the procedure to cancel the private mortgage insurance together with the telephon…
765 ILCS 930/30
Federal law
Federal law. If federal law is enacted governing or otherwise regulating private mortgage insurance, a mortgagee who is governed by the provisions of this Act may have the option to comply with the federal law, and compliance with the federal law by the mortgagee shall be deemed compliance with this Act. (Source: P.A.…
765 ILCS 930/40
Severability
Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 90-455, eff. 7-1-98.)
765 ILCS 930/99
Effective date
Effective date. This Act takes effect July 1, 1998. (Source: P.A. 90-455, eff. 7-1-98.)