Section 190.510  Good Faith Requirements

a)         Any disclosure or action required by this Subpart shall be made in good faith.

b)         No lender shall accept a fee or charge for a subject loan application unless the licensee is able to demonstrate to the Director that, if its subject loan requirements are met, there is a reasonable likelihood that a loan commitment will be issued for such loan for the amount, term, rate, charges and other conditions set forth in the loan application and the applicable disclosures and documents required and that the loan has a reasonable likelihood of being repaid by the applicant.

c)         A lender who has accepted an application for a subject loan shall make a good faith effort to process the application within the time specified in the loan application.

(Source:  Added at 25 Ill. Reg. 6244, effective May 17, 2001)