After July 1, 1998, if a person enters into a transaction to obtain a mortgage for his or her principal residence and private mortgage insurance may be required in connection with that transaction, the mortgagee shall disclose in writing all of the following:
        (1) Whether private mortgage insurance will be
    
required to be obtained or maintained with respect to the mortgage.
        (2) The period during which the insurance shall be
    
required to be in effect.
        (3) The conditions under which the mortgagor may
    
cancel the insurance.
        (4) That the mortgagor will be notified not less than
    
annually of an address and telephone number that may be used to contact the mortgagee to determine whether or not the insurance may be terminated and, if the insurance may be terminated, the conditions and procedures for termination.

Terms Used In Illinois Compiled Statutes 765 ILCS 930/15

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
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