Illinois Mortgage Escrow Account Act Notice

Posted By: Siefert86

Illinois Mortgage Escrow Account Act Notice - 10/08/20 03:51 PM

Does the Illinois Mortgage Escrow Account Act notification requirement apply to HELOCs?
I can't find anything in the Act that exempts those types of transactions except it says notice is required at "closing" and typically open-end credit accounts are "opened" not "closed"
We have never had a HELOC that has had an escrow account, so I don't see the point in providing this notice, unless it is required.

The Illinois Mortgage Escrow Account Act can be found here:
https://www.ilga.gov/legislation/ilcs/ilcs3.asp?actid=2218&chapterid=62
Posted By: rlcarey

Re: Illinois Mortgage Escrow Account Act Notice - 10/10/20 03:12 PM

Unless you plan on actually establishing an escrow account, I don't read that to cover either an open or closed-end mortgage loan.