Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart G - SERVICING
Section 1050.860 - Payoff of Outstanding Mortgage Loan

Universal Citation: 38 IL Admin Code ยง 1050.860

Current through Register Vol. 48, No. 12, March 22, 2024

a) When a check or other negotiable instrument received in final payment is deposited in a financial institution, the licensee's refund policy shall conform to Section 4-213 of the Uniform Commercial Code [ 810 ILCS 5/4-213 ] time requirements on making such funds available for withdrawal by the licensee.

b) Payoff Letter. Within 7 business days of receipt of a written request from an entity authorized by the borrower, a licensee shall furnish a written notice of the total amount required to pay in full on an outstanding mortgage loan, as of a specified date. Such payoff letter shall itemize and explain all charges included in the total figure stated.

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