Illinois Statutes
§ 78 — Exemption
Illinois·Topic RIGHTS AND REMEDIES·Ch. 765 PROPERTY·Act 765 ILCS 77/ Residential Real Property Disclosure Act.·Art. Article 3 - Predatory Lending Database
Borrowers applying for reverse mortgage financing of residential real estate including under programs regulated by the Federal Housing Administration (FHA) that require HUD-approved counseling are exempt from the program and may submit a HUD counseling certificate to comply with the program. A certificate of exemption is required for recording. Mortgages secured by non-owner occupied property, commercial property, residential property consisting of more than 4 units, and government property are exempt but require a certificate of exemption for recording. Mortgages originated by an exempt person or entity are exempt but require a certificate of exemption for recording.
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Legislative History
(Source: P.A. 98-463, eff. 8-16-13; 98-1081, eff. 1-1-15 .)