Illinois § 15-30.5
Full text of Illinois Illinois Compiled Statutes § 15-30.5, with citation guidance and answers to common questions.
§ 15-30.5.
Exemption from disclosure requirement. The disclosure requirement of Section 15-30 shall not apply where the borrower to be represented by the loan broker: (a) Is a natural person who has, or is reasonably believed by the loan broker relying upon this Section to have, a net worth or joint net worth with that person's spouse in excess of $1,000,000 at the time of the execution of the loan broker agreement; (b) Is a natural person who has, or is reasonably believed by the loan broker relying upon this Section to have, an income or joint income with that person's spouse in excess of $200,000 in the most recent applicable fiscal year; (c) Is a person who is not a natural person who has, or is reasonably believed by the loan broker relying upon this Section to have, total assets having a value of $1,000,000 and has been in existence for at least nine months and was not formed for the purposes of the transaction; (d) Is a person who is not a natural person who has, or is reasonably believed by the loan broker relying upon this Section to have, gross revenue in excess of $200,000 in the most recent applicable fiscal year and has been in existence for at least nine months and was not formed for the purposes of this transaction; (e) Is a person who is not a natural person in which at least 90% of the equity interest is owned, or is reasonably believed by the loan broker relying upon this Section to be owned, by persons who meet any of the tests set forth in this subsection; or (f) Has had an attorney review the loan broker's contract. A loan broker may rely upon a statement signed by the borrower that such borrower is any of the categories enumerated above. (Source: P.A. 90-70, eff. 7-8-97.)
Frequently Asked Questions About Illinois § 15-30.5
What does Illinois Compiled Statutes § 15-30.5 cover?
Section 15-30.5 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 § 15-30.5?
A common citation format is "Illinois Compiled Statutes § 15-30.5" (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 § 15-30.5 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.