(815 ILCS 137/60)
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
(2) at the election of the borrower, by a third-party
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.
(Source: P.A. 93-561, eff. 1-1-04.)