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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4538
Introduced 1/11/2006, by Rep. Monique D. Davis SYNOPSIS AS INTRODUCED:
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Amends the Mortgage Escrow Account Act. Provides that, if a mortgage lender pays property tax from an escrow account but does not pay on the correct parcel, the mortgage lender is responsible for payment of all fees, penalties, court costs, and other costs incurred as a result of that failure.
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A BILL FOR
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HB4538 |
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LRB094 17766 MKM 53065 b |
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| AN ACT concerning civil law.
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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 Escrow Account Act is amended by |
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| changing Section 15 as follows:
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| (765 ILCS 910/15) |
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| Sec. 15. Notice of tax payments. |
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| (a) When any mortgage
lender pays the property tax from an |
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| escrow account, the mortgage lender must give the borrower |
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| written notice of the following, within 45 business days after |
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| the tax payment: |
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| (1) the date the taxes were paid; |
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| (2) the amount of taxes paid; and |
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| (3) the permanent index number, mortgage account |
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| number, address of the property, or other property |
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| description that is used for assessment and taxation |
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| purposes under
the Property Tax Code. |
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| (b) The notice required in subsection (a) may be included |
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| on or with other documents, notices, or statements provided to |
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| the borrower. If more than one borrower is obligated on the |
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| loan, only one borrower who is primarily liable on the loan |
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| need be given notice. Notice may be delivered, mailed, or |
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| transmitted by any usual means of communication. |
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| (c) Notwithstanding the requirements in subsection (a), a |
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| mortgage lender that provides notice to a borrower in the |
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| manner provided in subsection (b) of a means of
communication |
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| for the borrower to access the
information set forth in |
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| subsection (a) by telephone, facsimile, e-mail, Internet |
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| access, or other means of communication, is deemed to be in
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| compliance with subsection (a). |
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| (d) If a mortgage lender pays the property tax from an |
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| escrow account but does not pay on the correct parcel, the |