Illinois Compiled Statutes (Last Updated: March 28, 2015) |
RIGHTS AND REMEDIES |
CHAPTER 765. PROPERTY |
MORTGAGES |
765 ILCS 915. Mortgage Tax Escrow Act.
-
(765 ILCS 915/0.01)
(from Ch. 17, par. 5000)
Sec. 0.01.
Short title.
This Act may be cited as the
Mortgage Tax Escrow Act.
(Source: P.A. 86-1324.)
(765 ILCS 915/1)
(from Ch. 17, par. 5001)
Sec. 1.
No agreement for the mortgage of a single-family residence shall contain any requirement that the mortgagor of the residence shall maintain in any escrow account for the payment of real property taxes or in any escrow-like arrangement for the same purpose any amount of money greater than 150% of the previous year's assessed real property tax upon the real property in regard to which the account is maintained, except in the first year of the mortgage's life.
(Source: P.A. 79-726.)