765 ILCS 940/70

in effect

(765 ILCS 940/70) Sec. 70. Distressed property consultant compensation. In transactions that reduce the existing payment on a homeowner's mortgage loan for a period of no less than 5 years, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation that exceeds the lesser of the homeowner's: (1) existing monthly principal and interest mortgage payment; or (2) total net savings derived from the lowered monthly principal and interest mortgage payment over the succeeding 12 months. For all other transactions, a distressed property consultant shall not claim, demand, charge, collect, or receive any fee, interest, or any other compensation for any reason that exceeds 50% of the owner's existing monthly principal and interest mortgage payments. (Source: P.A. 95-1047, eff. 4-6-09.)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026