815 ILCS 137/60

Current through Public Act 103-1056

Section 815 ILCS 137/60 - Payments to contractors

No lender shall make a payment of any proceeds of a high risk home loan directly to a contractor under a home improvement contract other than:

(1) by instrument payable to the borrower or payable jointly to the borrower and contractor; or

(2) at the election of the borrower, by a third-party escrow agent in accordance with the terms established in a written agreement that is signed by the borrower, the lender, and the contractor before the date of payment.

815 ILCS 137/60

Added by P.A. 093-0561, § 60, eff. 1/1/2004.