Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart L - COMMITMENT AND CLOSING PRACTICES
Section 1050.1340 - Refunds on Failure to Close

Universal Citation: 38 IL Admin Code ยง 1050.1340

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

If a residential mortgage loan is not closed, all the licensee's charges as described in Section 1050.1335(a)(1) shall be refunded to the borrower, except:

a) To the extent a written agreement between the borrower and licensee or a written notification required by this Part specifies that they are nonrefundable; and

b) To the extent the charges were incurred by the licensee on behalf of the borrower for services from third parties necessary to process the application, such as credit reports and appraisals.

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