(765 ILCS 915/1) (from Ch. 17, par. 5001)
Sec. 1.
No agreement for the mortgage of a
single-family residence shall contain any requirement that
the mortgagor of the residence shall maintain in any escrow
account for the
payment of real property taxes or in any escrow-like arrangement for the
same purpose any amount of money greater than 150% of the previous year's
assessed real property tax upon the real property in regard to which the
account is maintained, except in the first year of the mortgage's life.
(Source: P.A. 79-726.)
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