Sec. 5-15. Fees.
63 words·~1 min read·
/il/chapter-110/act-992/5-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-15. Fees.
(a)Unless otherwise provided by federal law, a servicer may only charge late fees that are reasonable and proportional to the cost it incurs related to a late payment.
(b)Unless otherwise provided by federal law, a servicer shall not charge a borrower or cosigner any fee to modify, defer, forbear, renew, extend, or amend the borrower's or cosigner's loan.