(815 ILCS 137/60)
Sec. 60.
Payments to contractors.
No lender shall make a payment of
any proceeds of a high risk home loan directly to a contractor under a home
improvement contract other than:
(1) by instrument payable to the borrower or payable |
| jointly to the borrower and contractor; or
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(2) at the election of the borrower, by a third-party
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| escrow agent in accordance with the terms established in a written agreement that is signed by the borrower, the lender, and the contractor before the date of payment.
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(Source: P.A. 93-561, eff. 1-1-04.)
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