Illinois Compiled Statutes 815 ILCS 175/15-35 – Contracts required to be in writing; retention of copy by borrowing …
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Terms Used In Illinois Compiled Statutes 815 ILCS 175/15-35
- Contract: A legal written agreement that becomes binding when signed.
Contracts required to be in writing; retention of copy by borrowing party. To be enforceable, every contract for the services of a loan broker shall be in writing and signed by all contracting parties. The borrowing party and loan broker shall retain a copy of the signed contract at the time it is signed. The loan broker shall retain a copy of the contract for a period of 6 years.