Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart L - COMMITMENT AND CLOSING PRACTICES
Section 1050.1345 - Representative at Closing
Universal Citation: 38 IL Admin Code ยง 1050.1345
Current through Register Vol. 48, No. 12, March 22, 2024
No licensee may require a borrower to be present personally at the closing of a residential mortgage loan, if the borrower is willing to execute all the loan documents in advance and will be represented at the closing by an attorney. A licensee shall make reasonable efforts to accommodate a borrower who makes a request to execute the loan documents in advance. A borrower who chooses not be at the closing personally may be charged reasonable additional fees, such as a document preparation fee to cover additional expenses.
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