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All mortgages on residential property are recordable in Cook, Kane, Will and Peoria counties only with a valid certificate of exemption or certificate of compliance, both of which must be generated by the Anti-Predatory Lending Database (APLD). Illinois Anti-Predatory Lending Database Anti-Predatory Lending Database Anti-Predatory Lending Database
Beginning July 1, 2008, Cook County, Illinois. As of July 1, 2010, the program area expands to also include Kane, Peoria, and Will Counties. (Properties located outside of Cook, Kane, Peoria, and Will Counties are not subject to the Act.)
Brokers may dupe borrowers into believing that they are acting in the best interests of the borrowers when their real financial loyalties are to the lenders. 230 South Dearborn Street, Suite 3030, Chicago, IL 60604 (312) 960-5633 Call toll-free at 1-877-382-4357 Or visit their website at . Predatory Lending - Illinois Attorney General illinoisattorneygeneral.gov PredatoryLoans illinoisattorneygeneral.gov PredatoryLoans
Under the PLPA, loans with an annual percentage rate (APR) in excesses of 36%, inclusive of certain fees and charges, are illegal except in very narrow circumstances. If the loan interest rate is adjustable, find out how much the rate can increase over the life of your loan.
The Title prohibits certain predatory lending tactics that were used frequently during the real estate bubble, and also establishes certain provisions for loan modifications which will help to change and reduce mortgages that are completely out of the borrowers ability to repay. Dodd-Frank: Title XIV - Mortgage Reform and Anti-Predatory Lending cornell.edu wex dodd-franktitleXIV cornell.edu wex dodd-franktitleXIV
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The Title prohibits certain predatory lending tactics that were used frequently during the real estate bubble, and also establishes certain provisions for loan modifications which will help to change and reduce mortgages that are completely out of the borrowers ability to repay.
Common indicators of predatory lending practices generally include very high interest rates and short repayment periods, which can make a loan incredibly difficult to repay. Predatory lenders tend to target vulnerable demographics, typically those with poor credit, low income and a lack of education.
Sec. 15-5-5. Rate cap. Notwithstanding any other provision of law, for loans made or renewed on and after the effective date of this Act, a lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a loan. 815 ILCS 123/ Predatory Loan Prevention Act. ilga.gov legislation ilcs ilcs5 ilga.gov legislation ilcs ilcs5

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