Illinois Compiled Statutes 765 ILCS 910/7 – The borrower shall not have the right to terminate any such …
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Terms Used In Illinois Compiled Statutes 765 ILCS 910/7
- 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
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
The borrower shall not have the right to terminate any such arrangement under Section 5 in conjunction with mortgages insured, guaranteed, supplemented, or assisted by the State of Illinois or the federal government that require an escrow arrangement for their continuation. The borrower shall not have the right to terminate any such arrangement under Section 5 in conjunction with a mortgage loan that is a higher-priced mortgage loan as defined in Title 12 C.F.R. part 1026, as amended, unless the borrower has met all of the conditions for cancellation of an escrow account for a higher-priced mortgage loan in Title 12 C.F.R. part 1026, as amended.