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Public Act 093-1021
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| SB3077 Enrolled |
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 |
Notification Act is amended by adding Section 17 as follows:
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(765 ILCS 930/17 new) |
Sec. 17. Insurance coverage. |
(a) No lender shall require a borrower, as a condition of |
receiving or maintaining a loan secured by real property, to |
provide hazard insurance coverage against risks to the |
improvements on that real property in an amount exceeding the |
replacement value of the improvements on the property. |
(b) Any person harmed by a violation of this Section shall |
be entitled to obtain injunctive relief and may recover damages |
and reasonable attorney's fees and costs.
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(c) A violation of this Section does not affect the |
validity of the loan, note secured by a deed of trust, |
mortgage, or deed of trust.
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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