Ill. Admin. Code tit. 38 § 1050.1830

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1050.1830 - Offer of Mortgage Awareness Program

a) Any lender, prior to making a high risk home loan, shall inform the borrower in writing of the right to participate in the Mortgage Awareness Program.

b) No lender shall offer less favorable loan terms to a borrower due to a borrower's participation in a Mortgage Awareness Program.

c) Except as prohibited elsewhere in this Part, the borrower may waive participation in the program, provided that the waiver occurs no less than 2 business days after the day that the borrower receives the written notice required by subsection (a) and that the waiver is in writing in a form approved by the Director.

Ill. Admin. Code tit. 38, § 1050.1830

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