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Rep. Martin J. Moylan
Filed: 3/14/2017
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| 1 | | AMENDMENT TO HOUSE BILL 144
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| 2 | | AMENDMENT NO. ______. Amend House Bill 144 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Mortgage Escrow Account Act is amended by |
| 5 | | adding Section 4.5 as follows:
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| 6 | | (765 ILCS 910/4.5 new) |
| 7 | | Sec. 4.5. Interest on escrow account. If any mortgage |
| 8 | | lender requires that a borrower maintain an escrow account, the |
| 9 | | mortgage lender shall pay the borrower interest on the moneys |
| 10 | | that the borrower paid into the escrow account for property tax |
| 11 | | purposes. The mortgage lender shall pay interest at the rate of |
| 12 | | 3% per annum or the lender's passbook savings account rate, |
| 13 | | whichever is greater, calculate the interest monthly, and pay |
| 14 | | the interest at least quarterly.".
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