Ill. Admin. Code tit. 38 § 1050.1187

Current through Register Vol. 48, No. 25, June 21, 2024

Section 1050.1187 - Prepayment Penalty

No lender shall make a high risk home loan that includes a penalty provision for payment made:

a) after the expiration of the 36 month period following the date the loan was made; or

b) that is more than:

1) 3% of the total loan amount, if the prepayment is made within the first 12 month period following the date the loan was made;

2) 2% of the total loan amount, if the prepayment is made within the second 12 month period after the date the loan was made; or

3) 1% of the total loan amount, if the prepayment is made within the third 12 month period following the date the loan was made.

Ill. Admin. Code tit. 38, § 1050.1187

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