Illinois Statutes
§ 5-14 — Prohibition on equity stripping and loan flipping
Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 635/ Residential Mortgage License Act of 1987.·Art. Article V - Lending Procedures
No licensee may engage in equity stripping or loan flipping, as those terms are defined in the Illinois Fairness in Lending Act.
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Legislative History
(Source: P.A. 95-691, eff. 6-1-08 .)
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Violations; orders