ADMINISTRATIVE CODE TITLE 38: FINANCIAL INSTITUTIONS CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION PART 1050 RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 SECTION 1050.2340 ABILITY TO REPAY
Section 1050.2340 Ability to Repay
A lender offering a shared appreciation agreement is deemed to have given due regard to a borrower's ability to repay if disclosures are provided by the lender to the borrower in compliance with Section 1050.2310, provided that:
a) The shared appreciation agreement does not require periodic payments prior to termination of the agreement; and
b) The term of the shared appreciation agreement is no less than five years.
(Source: Added at 50 Ill. Reg. 8010, effective June 1, 2026) |