Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart K - GENERAL LENDING PRACTICES
Section 1050.1278 - Negative Equity
Universal Citation: 38 IL Admin Code ยง 1050.1278
Current through Register Vol. 48, No. 12, March 22, 2024
No lender shall make a high risk home loan when the loan amount exceeds the value of the property securing the loan plus reasonable closing costs not to exceed 5% of the total loan amount.
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