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SB3077 Enrolled |
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LRB093 19713 LCB 45454 b |
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| AN ACT concerning mortgages.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Mortgage Insurance Limitation and |
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| Notification Act is amended by adding Section 17 as follows:
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| (765 ILCS 930/17 new) |
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| Sec. 17. Insurance coverage. |
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| (a) No lender shall require a borrower, as a condition of |
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| receiving or maintaining a loan secured by real property, to |
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| provide hazard insurance coverage against risks to the |
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| improvements on that real property in an amount exceeding the |
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| replacement value of the improvements on the property. |
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| (b) Any person harmed by a violation of this Section shall |
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| be entitled to obtain injunctive relief and may recover damages |
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| and reasonable attorney's fees and costs.
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| (c) A violation of this Section does not affect the |
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| validity of the loan, note secured by a deed of trust, |
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| mortgage, or deed of trust.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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