Sec. 2XXX. Disclosure requirements for manufactured homes.
169 words·~1 min read·
/il/chapter-815/act-505/2xxx·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 2XXX. Disclosure requirements for manufactured homes.
(a)A lender, or agent of a lending company, when offering terms for a mortgage note for the purchase of a manufactured home, as defined in the Mobile Home Park Act, that has not been caused to be deemed to be real property by satisfying the requirements of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act, shall disclose:
(1)any affiliation between the landlord and the lending company;
(2)that the loan is a chattel loan;
(3)that the terms of a chattel loan prohibit refinancing;
(4)that, depending on where the consumer affixes the manufactured home (be it property
owned by the consumer or on certain types of leased land), the manufactured home may qualify as real property under the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act; and
(5)any other reason that prohibits refinancing.
(b)A violation of this Section constitutes an unlawful practice within the meaning of this Act.