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Code · Illinois · Chapter 205 — FINANCIAL REGULATION · Act 205

Sec. 6005. General loan contract provisions.

54 words·~1 min read·/il/chapter-205/act-205/6005·

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Sec. 6005. General loan contract provisions. Each loan and any agreement for securing the loan shall be evidenced by one or more written instruments, consistent with sound lending practices in the locality. Whenever recordation of an instrument is necessary to establish priority over the claim of any third party, the instrument shall be recorded.
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