Illinois Statutes
§ 5-16 — Prohibition on encouraging default
Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 635/ Residential Mortgage License Act of 1987.·Art. Article V - Lending Procedures
A licensee may not recommend or encourage default or the failure to make timely payments on an existing residential mortgage loan or other debt prior to and in connection with the closing or planned closing of a residential mortgage loan that refinances all or any portion of the existing loan or debt.
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Illinois § 5-16 (Prohibition on encouraging default) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 95-691, eff. 6-1-08 .)
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