Ill. Admin. Code tit. 38 § 1050.860

Current through Register Vol. 48, No. 50, December 13, 2024

Section 1050.860 - Payoff of Outstanding Mortgage Loan

a) When a check or other negotiable instrument received in final payment is deposited in a financial institution, the licensee's refund policy shall conform to Section 4-213 of the Uniform Commercial Code [ 810 ILCS 5/4-213 ] time requirements on making such funds available for withdrawal by the licensee.

b) Payoff Letter. Within 7 business days of receipt of a written request from an entity authorized by the borrower, a licensee shall furnish a written notice of the total amount required to pay in full on an outstanding mortgage loan, as of a specified date. Such payoff letter shall itemize and explain all charges included in the total figure stated.

Ill. Admin. Code tit. 38, § 1050.860

Amended at 29 Ill. Reg. 14808, effective September 26, 2005

Amended at 41 Ill. Reg. 12405, effective 10/6/2017