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Illinois Statutes Chapter 815. Business Transactions § 505/2XXX. Disclosure requirements for manufactured homes

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 2XXX. Disclosure requirements for manufactured homes.

(a) A lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, as defined in the Mobile Home Park Act, that has not been caused to be deemed to be real property by satisfying the requirements of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act, shall disclose:

(1) any affiliation between the landlord and the lending company;

(2) that the loan is a chattel loan;

(3) that the terms of a chattel loan prohibit refinancing;

(4) that, depending on where the consumer affixes the manufactured home (be it property owned by the consumer or on certain types of leased land), the manufactured home may qualify as real property under the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act; and

(5) any other reason that prohibits refinancing.

(b) A violation of this Section constitutes an unlawful practice within the meaning of this Act.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 815. Business Transactions § 505/2XXX. Disclosure requirements for manufactured homes - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-815-business-transactions/il-st-sect-815-505-2xxx/

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