093_HB2550sam001











                                     LRB093 09802 LCB 15786 a

 1                    AMENDMENT TO HOUSE BILL 2550

 2        AMENDMENT NO.     .  Amend House Bill 2550,  on  page  1,
 3    after line 14, by inserting the following:

 4        "Section  10.   The Mortgage Tax Escrow Act is amended by
 5    adding Section 5 as follows:

 6        (765 ILCS 915/5 new)
 7        Sec. 5.  Whenever a loan  secured  by  a  mortgage  on  a
 8    single-family  residence is paid in full, the mortgagor shall
 9    pay the amount held in a property tax escrow account  to  the
10    mortgagee  in full within 3 business days.  If the balance of
11    the property tax escrow account is not paid within 3 business
12    days, the mortgagee shall be  entitled  to  interest  on  any
13    unpaid  amount  at the rate of 1.5% per day until paid by the
14    mortgagor.".