MORTGAGE-TAX ESCROW INTEREST Senate SponsorsSen. John J. Cullerton-Jacqueline Y. Collins 1/13/2009SenateSession Sine Die 765 ILCS 910/4.5 newAmends the Mortgage Escrow Account Act. Provides that if any mortgage lender requires that a borrower maintain an escrow account, the mortgage lender must pay the borrower interest on the monies that the borrower paid into the escrow account for property tax purposes. Provides that the mortgage lender shall pay interest at the rate of 3% per annum or the lender's passbook savings account rate, whichever is greater, calculate the interest monthly, and pay the interest at least quarterly. 2/8/2007SenateFiled with Secretary by Sen. John J. Cullerton 2/8/2007SenateFirst Reading 2/8/2007SenateReferred to Rules 2/21/2007SenateAssigned to Financial Institutions 3/2/2007SenatePostponed - Financial Institutions 3/2/2007SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 3/8/2007SenatePostponed - Financial Institutions 3/14/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John J. Cullerton 3/14/2007SenateSenate Committee Amendment No. 1 Referred to Rules 3/14/2007SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions 3/15/2007SenateSenate Committee Amendment No. 1 Held in Financial Institutions 3/15/2007SenateDo Pass Financial Institutions; 008-001-000 3/15/2007SenatePlaced on Calendar Order of 2nd Reading March 20, 2007 3/16/2007SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Rules 3/22/2007SenateSecond Reading 3/22/2007SenatePlaced on Calendar Order of 3rd Reading March 27, 2007 3/30/2007SenateRule 2-10 Third Reading Deadline Established As May 31, 2007 5/31/2007SenateRule 2-10 Third Reading Deadline Established As December 31, 2007 12/3/2007SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 5/31/2008SenateRule 2-10 Third Reading Deadline Established As January 13, 2009 1/13/2009SenateSession Sine Die