Sec. 5-12.5. Shared appreciation agreement consumer counseling and disclosures.
107 words·~1 min read·
/il/chapter-205/act-635/5-12-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-12.5. Shared appreciation agreement consumer counseling and disclosures.
(a)Notwithstanding any provision in this Act to the contrary, before taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided counseling. The borrower may not waive counseling.
(b)The Secretary may adopt rules relating to shared appreciation agreements, including, but not limited to, rules defining statutory terms; relating to disclosures to help consumers understand the cost, duration, and fees of the agreement, as well as potential alternatives; on the limits on the interest or other fees that may be charged to a borrower; and relating to counseling under subsection (a).