Illinois § 73
Full text of Illinois Illinois Compiled Statutes § 73, with citation guidance and answers to common questions.
§ 73.
Standards for counseling. A borrower or borrowers subject to this Article shall be recommended for counseling if, after reviewing the information in the predatory lending database submitted under Section 72, the Department finds the borrower or borrowers are all first-time homebuyers or refinancing a primary residence and the loan is a mortgage that includes one or more of the following: (1) the loan permits interest only payments; (2) the loan may result in negative amortization; (3) the total points and fees payable by the borrower at or before closing will exceed 5%; (4) the loan includes a prepayment penalty; or (5) the loan is an ARM. (Source: P.A. 95-691, eff. 6-1-08.)
Frequently Asked Questions About Illinois § 73
What does Illinois Compiled Statutes § 73 cover?
Section 73 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 § 73?
A common citation format is "Illinois Compiled Statutes § 73" (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 § 73 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.