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Code · Illinois · Chapter 765 — PROPERTY · Act 940

Sec. 70. Distressed property consultant compensation.

120 words·~1 min read·/il/chapter-765/act-940/70

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Sec. 70. Distressed property consultant compensation. In transactions that reduce the existing payment on a homeowner's mortgage loan for a period of no less than 5 years, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation that exceeds the lesser of the homeowner's:
(1)existing monthly principal and interest mortgage payment; or
(2)total net savings derived from the lowered monthly principal and interest mortgage
payment over the succeeding 12 months.
For all other transactions, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation for any reason that exceeds 50% of the owner's existing monthly principal and interest mortgage payments.
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Don't Tread on Me
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