Ill. Admin. Code tit. 38, § 1050.1340 - Refunds on Failure to Close
If a residential mortgage loan is not closed, all the licensee's charges as described in Section 1050.1335(a)(1) shall be refunded to the borrower, except:
a) To the extent a written
agreement between the borrower and licensee or a written notification required
by this Part specifies that they are nonrefundable; and
b) To the extent the charges were incurred by
the licensee on behalf of the borrower for services from third parties
necessary to process the application, such as credit reports and
appraisals.
Notes
Amended at 29 Ill. Reg. 14808, effective September 26, 2005
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