Illinois Compiled Statutes 815 ILCS 137/60 – Payments to contractors
Current as of: 2024 | Check for updates
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No lender shall make a payment of any proceeds of a high risk home loan directly to a contractor under a home improvement contract other than:
(1) by instrument payable to the borrower or payable
(1) by instrument payable to the borrower or payable
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jointly to the borrower and contractor; or
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(2) at the election of the borrower, by a third-party
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escrow agent in accordance with the terms established in a written agreement that is signed by the borrower, the lender, and the contractor before the date of payment.
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Terms Used In Illinois Compiled Statutes 815 ILCS 137/60
- Contract: A legal written agreement that becomes binding when signed.