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Code · Illinois · Chapter 205 — FINANCIAL REGULATION · Act 635

Sec. 5-16. Prohibition on encouraging default.

58 words·~1 min read·/il/chapter-205/act-635/5-16

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Sec. 5-16. Prohibition on encouraging default. A licensee may not recommend or encourage default or the failure to make timely payments on an existing residential mortgage loan or other debt prior to and in connection with the closing or planned closing of a residential mortgage loan that refinances all or any portion of the existing loan or debt.
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