Illinois § 20
Full text of Illinois Illinois Compiled Statutes § 20, with citation guidance and answers to common questions.
§ 20.
Qualifying for loan. In order to qualify for a loan under this Act, all of the following criteria must be met: (1) The borrower must qualify as a teacher. (2) The borrower's gross household income must not exceed 125% of the area median income, as defined by the U.S. Department of Housing and Urban Development. (3) The residence financed under this Act must be continuously occupied by the borrower as his or her principal residence for at least 5 years following the recordation of the deed of trust securing the subordinate mortgage loan. If the borrower fails to meet this condition, the principal and accrued interest of the loan is immediately due and payable. (4) The residence being financed must be a single-family residence, condominium, or manufactured home located within the boundaries of the school district that employs the borrower. (Source: P.A. 95-449, eff. 8-27-07.)
Frequently Asked Questions About Illinois § 20
What does Illinois Compiled Statutes § 20 cover?
Section 20 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 § 20?
A common citation format is "Illinois Compiled Statutes § 20" (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 § 20 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.