Sen. John J. Cullerton

Filed: 3/14/2007

 

 


 

 


 
09500SB0537sam001 LRB095 00150 AJO 33651 a

1
AMENDMENT TO SENATE BILL 537

2     AMENDMENT NO. ______. Amend Senate Bill 537 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The Mortgage Escrow Account Act is amended by
5 changing Sections 6 and 8 as follows:
 
6     (765 ILCS 910/6)  (from Ch. 17, par. 4906)
7     Sec. 6. In lieu of the mortgage lender establishing an
8 escrow account or an escrow-like arrangement, a borrower may
9 (i) pledge an interest bearing time deposit with the mortgage
10 lender in an amount sufficient to secure the payment of
11 anticipated taxes or (ii) establish and maintain a savings
12 account for the purpose of payment of the taxes when due on the
13 residence covered by the mortgage.
14 (Source: P.A. 84-232.)
 
15     (765 ILCS 910/8)  (from Ch. 17, par. 4908)

 

 

09500SB0537sam001 - 2 - LRB095 00150 AJO 33651 a

1     Sec. 8. If after terminating an escrow arrangement or
2 establishing a savings account under the terms conditions of
3 this Act, the borrower does not furnish to the lender
4 sufficient evidence of payment of the taxes when due on the
5 residence covered by the mortgage with respect to which the
6 escrow arrangement was established, the lender, after taking
7 reasonably good faith steps to verify nonpayment, may, within
8 thirty days after such payment is due, establish or reestablish
9 an escrow arrangement notwithstanding the provisions of this
10 Act.
11 (Source: P.A. 79-625.)".