Illinois Compiled Statutes 205 ILCS 635/3-9 – Escrow Funds
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Terms Used In Illinois Compiled Statutes 205 ILCS 635/3-9
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The Commissioner may promulgate rules with respect to placement in escrow accounts by any licensee of any money, fund, deposit, check or draft entrusted to it by any persons dealing with it as a residential mortgage licensee.