Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart O - MORTGAGE AWARENESS PROGRAM
Section 1050.1820 - Guidelines
Current through Register Vol. 48, No. 12, March 22, 2024
a) The core curriculum of the Mortgage Awareness Program shall include an explanation of:
b) Counseling session attendees must also complete a personal income and expense statement, as well as a balance sheet on forms provided by the Division of Financial Institutions.
c) Prior to signing a certificate of completion, counselors shall privately discuss with each attendee that attendee's income and expense statement and balance sheet, as well as the terms of any loan the attendee currently has or may be contemplating and provide a third party review to establish the affordability of the loan.
d) Counseling session attendees must also be given a brochure that contains information covered by the Mortgage Awareness Program.