Illinois § 115
Full text of Illinois Illinois Compiled Statutes § 115, with citation guidance and answers to common questions.
§ 115.
Report of default and foreclosure rates on conventional loans. (a) On or before October 1 and April 1 of each year, each servicer of Illinois residential mortgage loans shall report to the Commissioner or the Director the default and foreclosure data of conventional loans for the 6-month periods ending June 30 and December 31, respectively. (b) Each servicer shall report the following information: (1) The average quarterly dollar amount of conventional one to 4 family mortgage loans secured by Illinois real estate. (2) The average quarterly number of conventional one to 4 family mortgage loans secured by Illinois real estate. (3) The average quarterly dollar amount of conventional one to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days. (4) The average quarterly number of conventional one to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days. (5) The dollar amount of foreclosures on one to 4 family conventional loans completed during the reporting period. (6) The number of foreclosures on one to 4 family conventional loans completed during the reporting period. (7) Whether any of the loans where a foreclosure was completed were originated less than 18 months before the completed foreclosure. (8) Whether any of the loans where a foreclosure was completed had a note rate greater than 10% for first lien mortgage loans or greater than 12% in the case of a junior lien. (c) An officer of the servicer shall sign the form. (Source: P.A. 93-561, eff. 1-1-04.)
Frequently Asked Questions About Illinois § 115
What does Illinois Compiled Statutes § 115 cover?
Section 115 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 115?
A common citation format is "Illinois Compiled Statutes § 115" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.