(765 ILCS 915/0.01) (from Ch. 17, par. 5000) Sec. 0.01. Short title. This Act may be cited as the Mortgage Tax Escrow Act. (Source: P.A. 86-1324.)
(765 ILCS 915/1) (from Ch. 17, par. 5001) Sec. 1. No agreement for the mortgage of a single-family residence shall contain any requirement that the mortgagor of the residence shall maintain in any escrow account for the payment of real property taxes or in any escrow-like arrangement for the same purpose any amount of money greater than 150% of the previous year's assessed real property tax upon the real property in regard to which the account is maintained, except in the first year of the mortgage's life. (Source: P.A. 79-726.)
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