Article 1 Short Title
Article 2 Disclosures
Article 3 Predatory Lending Database
Article 4 Effective Date

Terms Used In Illinois Compiled Statutes > 765 ILCS 77 - Residential Real Property Disclosure Act

  • Amortization: Paying off a loan by regular installments.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • ARM: means a closed-end mortgage transaction that allows adjustments of the loan interest rate during the first 3 years of the loan term. See Illinois Compiled Statutes 765 ILCS 77/70
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Borrower: means a person seeking a mortgage loan. See Illinois Compiled Statutes 765 ILCS 77/70
  • Broker: means a "broker" or "loan broker" as defined in subsection (p) of § 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70
  • Closing agent: means an individual assigned by a title insurance company or a broker or originator to ensure that the execution of documents related to the closing of a real estate sale or the refinancing of a real estate loan and the disbursement of closing funds are in conformity with the instructions of the entity financing the transaction. See Illinois Compiled Statutes 765 ILCS 77/70
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Counseling: means in-person counseling provided by a counselor employed by a HUD-approved counseling agency to all borrowers, or documented telephone counseling where a hardship would be imposed on one or more borrowers. See Illinois Compiled Statutes 765 ILCS 77/70
  • Counselor: means a counselor employed by a HUD-approved housing counseling agency. See Illinois Compiled Statutes 765 ILCS 77/70
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Decedent: A deceased person.
  • decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Department of Financial and Professional Regulation. See Illinois Compiled Statutes 765 ILCS 77/70
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Exempt person or entity: means that term as it is defined in subsections (d)(1), (d)(1. See Illinois Compiled Statutes 765 ILCS 77/70
  • Fiduciary: A trustee, executor, or administrator.
  • First-time homebuyer: means a borrower who has not held an ownership interest in residential property. See Illinois Compiled Statutes 765 ILCS 77/70
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Interest only: means a closed-end loan that permits one or more payments of interest without any reduction of the principal balance of the loan, other than the first payment on the loan. See Illinois Compiled Statutes 765 ILCS 77/70
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Intestate: Dying without leaving a will.
  • 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
  • Lender: means that term as it is defined in subsection (g) of § 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70
  • Licensee: means that term as it is defined in subsection (e) of § 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70
  • Minority leader: See Floor Leaders
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: means that term as it is defined in subsection (f) of § 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • 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.
  • oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • Oath: A promise to tell the truth.
  • Originator: means a "mortgage loan originator" as defined in subsection (jj) of § 1-4 of the Residential Mortgage License Act of 1987, except an exempt person. See Illinois Compiled Statutes 765 ILCS 77/70
  • Points and fees: has the meaning ascribed to that term in Section 10 of the High Risk Home Loan Act. See Illinois Compiled Statutes 765 ILCS 77/70
  • Prepayment penalty: means a charge imposed by a lender under a mortgage note or rider when the loan is paid before the expiration of the term of the loan. See Illinois Compiled Statutes 765 ILCS 77/70
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Refinancing: means a loan secured by the borrower's or borrowers' primary residence where the proceeds are not used as purchase money for the residence. See Illinois Compiled Statutes 765 ILCS 77/70
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Title insurance company: means any domestic company organized under the laws of this State for the purpose of conducting the business of guaranteeing or insuring titles to real estate and any title insurance company organized under the laws of another State, the District of Columbia, or a foreign government and authorized to transact the business of guaranteeing or insuring titles to real estate in this State. See Illinois Compiled Statutes 765 ILCS 77/70
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Voice vote: A vote in which the Presiding Officer states the question, then asks those in favor and against to say "Yea" or "Nay," respectively, and announces the result according to his or her judgment. The names or numbers of legisators voting on each side are not recorded.