Sec. 3. The following terms, whenever used or referred to in this Act, shall have the following meanings, except in such instances where the context may clearly indicat.
176 words·~1 min read·
/il/chapter-310/act-45/3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 3. The following terms, whenever used or referred to in this Act, shall have the following meanings, except in such instances where the context may clearly indicate otherwise:
(a)"Agency" means the public body, corporate and politic, created by this Act.
(b)"Eligible Urban and Rural Areas" means each census tract in the State in which the median household income is less than or equal to 80% of the median household income for the entire State.
(c)"Mortgage Insurance Fund" means the mortgage insurance fund established pursuant to Section 5.
(d)"Mortgagor" means the original borrower under a qualified mortgage pursuant to Section 8, and its successors and assigns approved by the Agency.
(e)"Qualified Lending Institution" means any bank, trust company, national bank, savings bank, State or federal savings and loan association, State or federal credit union, insurance company, private or public pension fund, philanthropic institution or any other entity approved by the Agency.
(f)"Qualified Mortgages" means the mortgages made to qualified lending institutions and approved by the Agency pursuant to Section 8.