Sec. 5-12. Disclosure of refinancing options.
74 words·~1 min read·
/il/chapter-205/act-635/5-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-12. Disclosure of refinancing options. If the subject of a future loan is discussed by a licensee making, providing, or arranging a mortgage loan, the licensee shall disclose the circumstances under which a new loan could be considered. Such disclosure shall clearly state that it is not a contract and that the licensee is not representing or promising that a new loan could or would be made at any time in the future.