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Public Act 094-0883
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| HB4519 Enrolled |
LRB094 15866 BDD 51087 b |
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AN ACT concerning property.
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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 |
changing Section 15 as follows:
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(765 ILCS 910/15) |
Sec. 15. Notice of tax payments. |
(a) When any mortgage
lender pays the property tax from an |
escrow account, the mortgage lender must give the borrower |
written notice of the following, within 45 business days after |
the tax payment: |
(1) the date the taxes were paid; |
(2) the amount of taxes paid; and |
(3) the permanent index number, mortgage account |
number, address of the property, or other property |
description that is used for assessment and taxation |
purposes under
the Property Tax Code. |
(b) The notice required in subsection (a) may be included |
on or with other documents, notices, or statements provided to |
the borrower. If more than one borrower is obligated on the |
loan, only one borrower who is primarily liable on the loan |
need be given notice. Notice may be delivered, mailed, or |
transmitted by any usual means of communication. |
(c) Notwithstanding the requirements in subsection (a), a |
mortgage lender that provides notice at least annually to a |
borrower in the manner provided in subsection (b) of a means of
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communication for the borrower to access the
information set |
forth in subsection (a) by telephone, facsimile, e-mail, |
Internet access, or other means of communication, is deemed to |
be in
compliance with subsection (a).
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(Source: P.A. 94-50, eff. 1-1-06.)
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