Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart J - LOAN APPLICATION PRACTICES
Section 1050.1187 - Prepayment Penalty
Universal Citation: 38 IL Admin Code ยง 1050.1187
Current through Register Vol. 48, No. 12, March 22, 2024
No lender shall make a high risk home loan that includes a penalty provision for payment made:
a) after the expiration of the 36 month period following the date the loan was made; or
b) that is more than:
1) 3% of the total loan amount, if the
prepayment is made within the first 12 month period following the date the loan
was made;
2) 2% of the total loan
amount, if the prepayment is made within the second 12 month period after the
date the loan was made; or
3) 1% of
the total loan amount, if the prepayment is made within the third 12 month
period following the date the loan was made.
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