815 ILCS 137/35.5

Current through Public Act 103-1052

Section 815 ILCS 137/35.5 - No balloon payments

No high risk home loan may contain a scheduled payment that is more than twice as large as the average of earlier scheduled payments. This Section does not apply when the payment schedule is adjusted to the seasonal or irregular income of the consumer.

815 ILCS 137/35.5

Added by P.A. 097-0849,§ 15, effective 1/10/2014 (see Section 10 of P.A. 97-1159, 78 Fed. Reg. 6855, 6857, 78 Fed. Reg. 10695, 10696, and 78 Fed. Reg. 44685, 44686).