Sec. 60. Payments to contractors.
85 words·~1 min read·
/il/chapter-815/act-137/60A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 60. Payments to contractors. No lender shall make a payment of any proceeds of a high risk home loan directly to a contractor under a home improvement contract other than:
(1)by instrument payable to the borrower or payable jointly to the borrower and
contractor; or
(2)at the election of the borrower, by a third-party escrow agent in accordance with
the terms established in a written agreement that is signed by the borrower, the lender, and the contractor before the date of payment.