Sec. 5. There is hereby created the Mortgage Insurance Fund.

257 words·~1 min read·/il/chapter-310/act-45/5

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

Sec. 5. There is hereby created the Mortgage Insurance Fund. The Agency shall have custody of the Mortgage Insurance Fund, which shall be held outside of the State Treasury; custody may be transferred by the Agency to and held by any bank, trust company or other fiduciary with whom the Agency executes an agreement. The Agency shall be responsible for the investment and safekeeping of all monies and securities held in the Mortgage Insurance Fund. The Mortgage Insurance Fund, or any portion thereof against which a claim has been made, shall be held for the benefit of the qualified lending institutions of the qualified mortgages insured under this Act.

There shall be deposited in the Mortgage Insurance Fund such amounts, including, but not limited to:

(a)All premiums and other receipts from any applicable contract or agreement entered into by the Agency pursuant to Section 6; and

(b)Any other monies made available to the Mortgage Insurance Fund.

Amounts in the Mortgage Insurance Fund shall be used in accordance with this Act to satisfy any valid claim payable therefrom and may be used for any other purpose determined by the Agency to be appropriate, including the payment of administration costs incurred in the management of the Mortgage Insurance Fund.

Any amounts in the Mortgage Insurance Fund not currently needed to meet the obligations of the Mortgage Insurance Fund may be invested as provided by law in obligations designated by the Agency, and all income from such investments shall therefore become a part of the Mortgage Insurance Fund.