Sec. 80. Late payment fee.
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/il/chapter-815/act-137/80A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 80. Late payment fee. A lender shall not transfer, deal in, offer, or make a high risk home loan that provides for a late payment fee, except under the following conditions:
(1)the late payment fee shall not be in excess of 4% of the amount of the payment past
due;
(2)the late payment fee shall only be assessed for a payment past due for 15 days or
more;
(3)the late payment fee shall not be imposed more than once with respect to a single
late payment;
(4)a late payment fee that the lender has collected shall be reimbursed if the borrower
presents proof of having made a timely payment; and
(5)a lender shall treat each payment as posted on the same business day as it was
received by the lender, servicer, or lender's agent or at the address provided to the borrower by the lender, servicer, or lender's agent for making payments.