Illinois Compiled Statutes 815 ILCS 120 — Illinois Fairness in Lending Act.

This Act shall be known and may be cited as the "Illinois Fairness in Lending Act"

This Act shall be known and may be cited as the "Illinois Fairness in Lending Act". (Source: P.A. 81-1391.)

As used in this Act: (a) "Financial Institution" means any bank, credit union, insurance company, mortgage banking company, savings bank, savings and loan association, or other residential mortgage lender which operates or has a place of business in this State. (b) "Person" means any natural person. (c) "Varying the te…

No financial institution, in connection with or in contemplation of any loan to any person, may: (a) Deny or vary the terms of a loan on the basis that a specific parcel of real estate offered as security is located in a specific geographical area. (b) Deny or vary the terms of a loan without having considered all of t…

Nothing contained in this Act shall preclude a financial institution from considering sound underwriting practices in contemplation of any loan to any person

Nothing contained in this Act shall preclude a financial institution from considering sound underwriting practices in contemplation of any loan to any person. Such practices shall include the following: (a) The willingness and the financial ability of the borrowers to repay the loan. (b) The market value of any real es…

(a) Subject to the limitation imposed by subsection (b), any person who has been aggrieved as a result of a violation of this Act may bring an individual action in the circuit court of the county in which the particular financial institution involved is located or doing business. Upon a finding that a financial institu…

Where a financial institution repossesses a motor vehicle that was used as a collateral and which is used primarily for the borrower's personal, family or household purposes, the financial institution shall be subject to the requirements of and shall transfer the certificate of title pursuant to Section 3-114 of the Il…