§ 310 ILCS 45/1 This Act may be cited as the Illinois Mortgage Insurance Fund Act
§ 310 ILCS 45/2 The General Assembly hereby finds, determines and declares: …
§ 310 ILCS 45/3 The following terms, whenever used or referred to in this Act, shall …
§ 310 ILCS 45/4 There is hereby created a body corporate and politic which shall be …
§ 310 ILCS 45/5 There is hereby created the Mortgage Insurance Fund
§ 310 ILCS 45/6 The Agency shall have the following powers: …
§ 310 ILCS 45/6.1 The Agency shall undertake such studies, investigations and research …
§ 310 ILCS 45/7 (a) The Agency shall adopt regulations specifying the percentage of …
§ 310 ILCS 45/8 The Agency shall allocate not less than 75% of its available mortgage …
§ 310 ILCS 45/9 In order to classify a mortgage as a qualified mortgage under this …
§ 310 ILCS 45/10 The Agency shall establish procedures to be followed by a mortgagee …
§ 310 ILCS 45/11 The Agency and the Mortgage Insurance Fund created hereunder shall …

Terms Used In Illinois Compiled Statutes > 310 ILCS 45 - Illinois Mortgage Insurance Fund Act

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Quorum: The number of legislators that must be present to do business.
  • sworn: shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14