Illinois Compiled Statutes 775 ILCS 5/3-102.10 – Third-party loan modification service provider
Current as of: 2024 | Check for updates
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(A) It is a civil rights violation for a third-party loan modification service provider, because of unlawful discrimination, familial status, immigration status, source of income, or an arrest record, to:
(1) refuse to engage in loan modification services;
(2) alter the terms, conditions, or privileges of
(1) refuse to engage in loan modification services;
Terms Used In Illinois Compiled Statutes 775 ILCS 5/3-102.10
- Arrest: Taking physical custody of a person by lawful authority.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) alter the terms, conditions, or privileges of
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such services; or
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(3) discriminate in making such services available,
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including, but not limited to, by making a statement, advertisement, representation, inquiry, listing, offer, or solicitation that indicates a preference or the intention to make such a preference in making such services available.
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(B) For purposes of this Section, “third-party loan modification service provider” means a person or entity, whether licensed or not, who, for or with the expectation of receiving consideration, provides assistance or services to a loan borrower to obtain a modification to a term of an existing real estate loan or to obtain foreclosure relief. “Third-party loan modification service provider” does not include lenders, brokers or appraisers of mortgage loans, or the servicers, subsidiaries, affiliates, or agents of the lender.