Sec. 2. As used in this Act, unless the context requires otherwise:.
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/il/chapter-765/act-910/2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 2. As used in this Act, unless the context requires otherwise:
(a)"Escrow Account" means any account established by the mortgage lender in conjunction with a mortgage loan on a residence, into which the borrower is required to make regular periodic payments and out of which the lender pays the taxes on the property covered by the mortgage.
(b)"Borrower" means the person obligated under the mortgage loan.
(c)"Mortgage Lender" means any bank, savings bank, savings and loan association, credit union, mortgage banker, or other institution, association, partnership, corporation or person who extends the loan of monies for the purpose of enabling another to purchase a residence or who services the loan, including successors in interest of the foregoing.
(d)"Escrow-like Arrangement" means any arrangement the intent of which is to serve the same purposes as an escrow account but which does not require the formal establishment of an account.