765 ILCS 940/1
Short title
Short title. This Act may be cited as the Mortgage Rescue Fraud Act. (Source: P.A. 94-822, eff. 1-1-07.)
Illinois Compiled Statutes 765 ILCS 940 — Mortgage Rescue Fraud Act.
Illinois · statute · 765 ILCS 940 · 18 active provisions
765 ILCS 940/5
Definitions
Definitions. As used in this Act: "Distressed property" means residential real property consisting of one to 6 family dwelling units that is in foreclosure or at risk of loss due to nonpayment of taxes, or whose owner is more than 30 days delinquent on any loan that is secured by the property. "Distressed property cons…
765 ILCS 940/7
Residential Mortgage License Act of 1987 licensees
Residential Mortgage License Act of 1987 licensees. Licensees of the Residential Mortgage License Act of 1987 are exempt from the requirements of Sections 10, 15, 20, 50(a)(4), 50(a)(5), 50(a)(6), and 50(a)(7). Licensees are also exempt from the requirements of Section 50(a)(2) and Section 70 for any transaction result…
765 ILCS 940/10
Distressed property consultant contract terms
Distressed property consultant contract terms. (a) A distressed property consultant contract must be in writing and must fully disclose the exact nature of the distressed property consultant's services and the total amount and terms of compensation. (b) The following notice, printed in at least 12-point boldface type a…
765 ILCS 940/15
Rescission of distressed property consultant contract
Rescission of distressed property consultant contract. (a) In addition to any other legal right to rescind a contract, an owner has the right to cancel a distressed property consultant contract at any time until after the distressed property consultant has fully performed each service the distressed property consultant…
765 ILCS 940/20
Waiver of a distressed property consultant contract
Waiver of a distressed property consultant contract. (a) Any waiver by an owner of the provisions of Section 10 or 15 is void and unenforceable as contrary to public policy. (b) Any attempt by a distressed property consultant to induce an owner to waive the owner's rights is a violation of the Act. (Source: P.A. 94-822…
765 ILCS 940/25
Distressed property conveyance contract
Distressed property conveyance contract. A distressed property purchaser shall enter into every distressed property conveyance in the form of a written contract. Every distressed property conveyance contract must be written in letters of a size equal to at least 12-point boldface type, in the same language principally…
765 ILCS 940/30
Distressed property conveyance contract terms
Distressed property conveyance contract terms. Every contract required by Section 25 must contain the entire agreement of the parties, be fully assignable, and survive delivery of any instrument of conveyance of the distressed property. Every lease entered into pursuant to a contract required by Section 25 is terminabl…
765 ILCS 940/35
Cancellation of a distressed property conveyance contract
Cancellation of a distressed property conveyance contract. (a) In addition to any other right of rescission, the owner of the distressed property has the right to cancel any contract with a distressed property purchaser until midnight of the fifth business day following the day on which the owner of the distressed prop…
765 ILCS 940/40
Notice of cancellation of a distressed property conveyance contract
Notice of cancellation of a distressed property conveyance contract. (a) The contract must contain in immediate proximity to the space reserved for the owner of the distressed property's signature a conspicuous statement in a size equal to at least 12-point boldface type, if the contract is printed, or in capital lette…
765 ILCS 940/45
Waiver of a distressed property conveyance contract
Waiver of a distressed property conveyance contract. Any waiver of the provisions of Sections 35 and 40 are void and unenforceable as contrary to public policy, except that a consumer may waive the 5-day right to cancel provided in Section 35 if the property is subject to a foreclosure sale within the 5 business days a…
765 ILCS 940/50
Violations
Violations. (a) It is a violation for a distressed property consultant to: (1) claim, demand, charge, collect, or receive any compensation until after the distressed property consultant has fully performed each service the distressed property consultant contracted to perform or represented he or she would perform; (2)…
765 ILCS 940/55
Civil remedies
Civil remedies. (a) A violation of any of the provisions of this Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. All remedies, penalties, and authority granted to the Attorney General or State's Attorney by the Consumer Fraud and Deceptive Business Practices Act shall…
765 ILCS 940/60
Criminal mortgage rescue fraud
Criminal mortgage rescue fraud. A person commits the offense of criminal mortgage rescue fraud when he or she intentionally violates any provision enumerated in Section 50 of this Act. (Source: P.A. 94-822, eff. 1-1-07.)
765 ILCS 940/65
Criminal penalties
Criminal penalties. A person who commits the offense of criminal mortgage rescue fraud is guilty of a Class 2 felony. (Source: P.A. 94-822, eff. 1-1-07.)
765 ILCS 940/70
Distressed property consultant compensation
Distressed property consultant compensation. In transactions that reduce the existing payment on a homeowner's mortgage loan for a period of no less than 5 years, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation that exceeds the lesser of…
765 ILCS 940/300
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 94-822, eff. 1-1-07; text omitted.)
765 ILCS 940/999
Effective date
Effective date. This Act takes effect January 1, 2007. (Source: P.A. 94-822, eff. 1-1-07.)