Illinois Compiled Statutes 65 ILCS 5/11-74.5-13 – Notwithstanding the provisions of any other Act, a member of the …
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/11-74.5-13
- Corporate authorities: means the corporate authorities as defined in this Illinois Municipal Code. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Lender: means any lending institution participating in a residential housing finance plan as the originator of home mortgage loans or as a servicing agent for home mortgage loans. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Lending institution: means any bank, bank holding company, credit union, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution which customarily provides service or otherwise aids in the financing of home mortgages, or any holding company for any of the foregoing. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Municipality: means a municipality as defined in this Illinois Municipal Code. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Ordinance: means an ordinance adopted and approved by the corporate authorities of a municipality. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
- Residential housing finance plan: means a program implemented under this Division by a municipality to assist persons of low or moderate income in acquiring safe, decent and sanitary housing which they can afford. See Illinois Compiled Statutes 65 ILCS 5/11-74.5-2
Notwithstanding the provisions of any other Act, a member of the corporate authorities, or an officer or employee of the municipality, may be an officer, employee or stockholder of a lending institution or lender participating in a residential housing finance plan of the corporate authorities provided such member (if a member of such corporate authorities) declares such position or interest at a regular meeting of the corporate authorities prior to passage of an ordinance establishing the plan and abstains from voting on such ordinance.