Illinois § 15
Full text of Illinois Illinois Compiled Statutes § 15, with citation guidance and answers to common questions.
§ 15.
Transaction disclosure. After July 1, 1998, if a person enters into a transaction to obtain a mortgage for his or her principal residence and private mortgage insurance may be required in connection with that transaction, the mortgagee shall disclose in writing all of the following: (1) Whether private mortgage insurance will be required to be obtained or maintained with respect to the mortgage. (2) The period during which the insurance shall be required to be in effect. (3) The conditions under which the mortgagor may cancel the insurance. (4) That the mortgagor will be notified not less than annually of an address and telephone number that may be used to contact the mortgagee to determine whether or not the insurance may be terminated and, if the insurance may be terminated, the conditions and procedures for termination. (Source: P.A. 90-455, eff. 7-1-98.)
Frequently Asked Questions About Illinois § 15
What does Illinois Compiled Statutes § 15 cover?
Section 15 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 § 15?
A common citation format is "Illinois Compiled Statutes § 15" (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 § 15 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.