(765 ILCS 910/10) (from Ch. 17, par. 4910)
Sec. 10.
The provisions of this Act shall not be applicable to a mortgage
lender using the capitalization method of accounting for receipt of payments
for taxes. The capitalization method shall mean crediting such tax payments
directly to the loan principal upon receipt and increasing the loan balance
when the taxes are paid.
(Source: P.A. 79-625.)
|