Current as of January 01, 2019 | Updated by FindLaw Staff
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§ 10. The provisions of this Act shall not be applicable to a mortgage lender using the capitalization method of accounting for receipt of payments for taxes. The capitalization method shall mean crediting such tax payments directly to the loan principal upon receipt and increasing the loan balance when the taxes are paid.
Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 910/10. Capitalization method of accounting used by mortgage lender; applicability of this Act - last updated January 01, 2019 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-910-10/
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