Sec. 15. Transaction disclosure.
138 words·~1 min read·
/il/chapter-765/act-930/15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15. Transaction disclosure. After July 1, 1998, if a person enters into a transaction to obtain a mortgage for his or her principal residence and private mortgage insurance may be required in connection with that transaction, the mortgagee shall disclose in writing all of the following:
(1)Whether private mortgage insurance will be required to be obtained or maintained
with respect to the mortgage.
(2)The period during which the insurance shall be required to be in effect.
(3)The conditions under which the mortgagor may cancel the insurance.
(4)That the mortgagor will be notified not less than annually of an address and
telephone number that may be used to contact the mortgagee to determine whether or not the insurance may be terminated and, if the insurance may be terminated, the conditions and procedures for termination.