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Public Act 92-0577
HB5742 Enrolled LRB9215341JSpc
AN ACT concerning reverse mortgage loans.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by adding
Section 6.2 as follows:
(205 ILCS 5/6.2 new)
Sec. 6.2. Reverse mortgage; disclosure. At the time a
reverse mortgage loan is made, the lender must provide to the
mortgagor a separate document that informs the mortgagor that
by obtaining the reverse mortgage the mortgagor's eligibility
to obtain a tax deferral under the Senior Citizens Real
Estate Tax Deferral Act may be adversely affected. The
mortgagor must sign the disclosure document as part of the
reverse mortgage transaction.
Section 10. The Illinois Savings and Loan Act of 1985 is
amended by adding Section 1-6e as follows:
(205 ILCS 105/1-6e new)
Sec. 1-6e. Reverse mortgage; disclosure. At the time a
reverse mortgage loan is made, the lender must provide to the
mortgagor a separate document that informs the mortgagor that
by obtaining the reverse mortgage the mortgagor's eligibility
to obtain a tax deferral under the Senior Citizens Real
Estate Tax Deferral Act may be adversely affected. The
mortgagor must sign the disclosure document as part of the
reverse mortgage transaction.
Section 15. The Savings Bank Act is amended by adding
Section 1010 as follows:
(205 ILCS 205/1010 new)
Sec. 1010. Reverse mortgage; disclosure. At the time a
reverse mortgage loan is made, the lender must provide to the
mortgagor a separate document that informs the mortgagor that
by obtaining the reverse mortgage the mortgagor's eligibility
to obtain a tax deferral under the Senior Citizens Real
Estate Tax Deferral Act may be adversely affected. The
mortgagor must sign the disclosure document as part of the
reverse mortgage transaction.
Section 20. The Illinois Credit Union Act is amended by
adding Section 46.2 as follows:
(205 ILCS 305/46.2 new)
Sec. 46.2. Reverse mortgage; disclosure. At the time a
reverse mortgage loan is made, the lender must provide to the
mortgagor a separate document that informs the mortgagor that
by obtaining the reverse mortgage the mortgagor's eligibility
to obtain a tax deferral under the Senior Citizens Real
Estate Tax Deferral Act may be adversely affected. The
mortgagor must sign the disclosure document as part of the
reverse mortgage transaction.
Section 25. The Residential Mortgage License Act of 1987
is amended by adding Section 5-5 as follows:
(205 ILCS 635/5-5 new)
Sec. 5-5. Reverse mortgage; disclosure. At the time a
reverse mortgage loan is made or brokered, a licensee must
provide to the mortgagor a separate document that informs the
mortgagor that by obtaining the reverse mortgage the
mortgagor's eligibility to obtain a tax deferral under the
Senior Citizens Real Estate Tax Deferral Act may be adversely
affected. The mortgagor must sign the disclosure document as
part of the reverse mortgage transaction.
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly April 25, 2002.
Approved June 26, 2002.
Effective June 26, 2002.
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