TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1050 RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
SECTION 1050.1270 REFINANCING PROHIBITED IN CERTAIN CASES
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1050 RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
SECTION 1050.1270 REFINANCING PROHIBITED IN CERTAIN CASES
Section 1050.1270 Refinancing Prohibited in Certain Cases
No lender shall refinance any high risk home loan, if the refinancing charges additional points and fees, within a 12 month period after the original loan agreement was signed, unless the refinancing results in a financial benefit to the borrower.
(Source: Amended at 29 Ill. Reg. 14808, effective September 26, 2005)