Sec. 4-16. Private right of action.

186 words·~1 min read·/il/chapter-205/act-635/4-16

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 4-16. Private right of action. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of Sections 5-6, 5-7, 5-8, 5-9, 5-10, 5-11, 5-12, 5-14, 5-15, and 5-16 of this Act shall have a private right of action.

(a)A licensee is not liable for a violation of this Act if:

(1)within 30 days of the loan closing and prior to receiving any notice from the

borrower of the violation, the licensee has made appropriate restitution to the borrower and appropriate adjustments are made to the loan; or

(2)the violation was not intentional and resulted from a bona fide error in fact,

notwithstanding the maintenance of procedures reasonably adopted to avoid such errors, and within 60 days of the discovery of the violation and prior to receiving any notice from the borrower of the violation, the borrower is notified of the violation, appropriate restitution is made to the borrower, and appropriate adjustments are made to the loan.

(b)The remedies and rights provided for in this Act are not exclusive, but cumulative, and all other applicable claims are specifically preserved.