Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/6007

(205 ILCS 205/6007) (from Ch. 17, par. 7306-7)

Sec. 6007. Sale, assignment, and servicing of loans and contracts.

(a) Any savings bank may sell any loan or a participating
interest in a loan at any time in the usual and regular course of
business.  Loans sold may be sold with or without recourse except
as may otherwise be provided by regulations of the Secretary.
The Secretary may, by regulation, adopt limitations upon the
sale of loans.  The provisions of this subsection (a) do not apply
to the sale of loans to agencies of the United States, the State
of Illinois, or other government sponsored agencies as may be
approved by the Secretary.

(b) A savings bank may contract to service a loan or a
participating interest in a loan, but a contract therefor shall conform
to any  pertinent regulations prescribed by the Secretary and
shall require sufficient compensation to reimburse the savings bank
for all expenses incurred under the contract.

(c) A savings bank may sell and assign, with or without
recourse, any master's certificate of sale, defaulted loan, or
defaulted real estate contract to any person eligible to purchase
it for an amount not less than the fair cash market value
thereof.

(Source: P.A. 97-492, eff. 1-1-12.)