FLOWERS AND BOLAND. 765 ILCS 930/15 765 ILCS 930/21 new Amends the Mortgage Insurance Limitation and Notification Act. Provides that a mortgagee shall cancel the private mortgage insurance carried by a mortgagor when that mortgagor's equity interest reaches 20% and notify the mortgagor that the private mortgage insurance has been cancelled, that the mortgagor no longer has to make private mortgage insurance premium payments, and of the new monthly payment amount. Provides that, if a mortgagee does not comply with these provisions, the mortgagor shall be refunded any premiums paid to the mortgagee after the mortgagor's equity interest in the residence reaches 20%. Repeals provisions regarding notification to be sent to mortgagors regarding canceling private mortgage insurance. Effective immediately. FISCAL NOTE (Dept. of Insurance) HB190 will have no fiscal impact on the Department. 99-01-14 H FIRST READING 99-01-14 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-27 H ASSIGNED TO COMMITTEE CONSUMER PROT 99-02-09 H FISCAL NOTE FILED 99-02-09 H COMMITTEE CONSUMER PROT 99-02-25 H ADDED AS A CO-SPONSOR BOLAND 99-03-05 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary