Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 137/15

(815 ILCS 137/15)

Sec. 15.

Ability to repay.

A creditor or broker shall not transfer, deal
in, offer,
or
make a high risk home loan if the creditor or broker does not believe at the
time the loan
is
consummated that the borrower will be able to make the scheduled
payments to repay the obligation based upon a consideration of his or her
current and
expected income, current obligations, employment status, and other financial
resources (other than the borrower's equity in the dwelling that secures
repayment of the loan). A borrower shall be presumed to be able to repay the
loan if, at the time the loan is consummated, or at the time of the first rate
adjustment, in the case of a lower introductory interest rate, the borrower's
scheduled monthly payments on the loan (including principal, interest, taxes,
insurance, and assessments), combined with the scheduled payments for all
other disclosed debts, do not exceed 50% of the borrower's monthly gross
income.

(Source: P.A. 93-561, eff. 1-1-04.)