Illinois Compiled Statutes 765 ILCS 910/2 – As used in this Act, unless the context requires otherwise: …
Current as of: 2024 | Check for updates
|
Other versions
As used in this Act, unless the context requires otherwise:
(a) “Escrow Account” means any account established by the mortgage lender in conjunction with a mortgage loan on a residence, into which the borrower is required to make regular periodic payments and out of which the lender pays the taxes on the property covered by the mortgage.
(b) “Borrower” means the person obligated under the mortgage loan.
(c) “Mortgage Lender” means any bank, savings bank, savings and loan association, credit union, mortgage banker, or other institution, association, partnership, corporation or person who extends the loan of monies for the purpose of enabling another to purchase a residence or who services the loan, including successors in interest of the foregoing.
(d) “Escrow-like Arrangement” means any arrangement the intent of which is to serve the same purposes as an escrow account but which does not require the formal establishment of an account.
(a) “Escrow Account” means any account established by the mortgage lender in conjunction with a mortgage loan on a residence, into which the borrower is required to make regular periodic payments and out of which the lender pays the taxes on the property covered by the mortgage.
Terms Used In Illinois Compiled Statutes 765 ILCS 910/2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) “Borrower” means the person obligated under the mortgage loan.
(c) “Mortgage Lender” means any bank, savings bank, savings and loan association, credit union, mortgage banker, or other institution, association, partnership, corporation or person who extends the loan of monies for the purpose of enabling another to purchase a residence or who services the loan, including successors in interest of the foregoing.
(d) “Escrow-like Arrangement” means any arrangement the intent of which is to serve the same purposes as an escrow account but which does not require the formal establishment of an account.