(415 ILCS 5/19.6)
(from Ch. 111 1/2, par. 1019.6)
Delinquent loan repayment.
(a) In the event that a timely payment is not made by a loan recipient according to the loan schedule of
repayment, the loan recipient
shall notify the Agency in writing within 15 days after the payment due date.
The notification shall
include a statement of the reasons the payment was not timely tendered, the
circumstances under which the late payments will be satisfied, and binding
commitments to assure future payments. After receipt of this
notification, the Agency shall confirm in writing the acceptability of the
plan or take action in accordance with subsection (b) of this Section.
(b) In the event that a loan recipient fails to comply with subsection (a) of this Section, the Agency shall
promptly issue a notice of delinquency to the loan recipient, which shall require a written response within 15
days. The notice of delinquency shall require that the loan recipient revise its rates, fees and charges to
meet its obligations pursuant to subsection (d) of Section 19.5 or take other
specified actions as may be appropriate to remedy the delinquency and to assure
(c) In the event that the loan recipient fails to timely or
adequately respond to a notice of delinquency, or fails to meet its
obligations made pursuant to subsections (a) and (b) of this Section, the
Agency shall pursue the collection of the amounts past due, the outstanding
loan balance and the costs thereby incurred, either pursuant to the
Illinois State Collection Act of 1986 or by any other reasonable means as
may be provided by law, including the taking of title by foreclosure or
otherwise to any project or other property pledged, mortgaged, encumbered, or
otherwise available as security or collateral.
(Source: P.A. 91-36, eff. 6-15-99; 91-52, eff. 6-30-99;
91-501, eff. 8-13-99; 92-16, eff. 6-28-01.)