Illinois Statutes
§ 5-12 — Disclosure of refinancing options
Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 635/ Residential Mortgage License Act of 1987.·Art. Article V - Lending Procedures
If the subject of a future loan is discussed by a licensee making, providing, or arranging a mortgage loan, the licensee shall disclose the circumstances under which a new loan could be considered. Such disclosure shall clearly state that it is not a contract and that the licensee is not representing or promising that a new loan could or would be made at any time in the future.
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Legislative History
(Source: P.A. 95-691, eff. 6-1-08 .)
Nearby Sections
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Violations; orders