IBA Compliance Connection

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Are we still required to provide a “grace period notice” under the Illinois Mortgage Foreclosure Law? This requirement appears to have been repealed in 2016, but has any subsequent legislation reinstated this requirement?

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No, the requirement to send a “grace period notice” for delinquent residential mortgage loans expired pursuant to a sunset provision on July 1, 2016, and it has not been reinstated.

For resources related to our guidance, please see:

  • Illinois Code of Civil Procedure, 735 ILCS 5/15-1502.5 (Illinois grace period notice requirement, with a sunset date of July 1, 2016.)