Legal Question in Real Estate Law in Illinois

My understanding is that the Illinois Mortgage Escrow Account Act stipulates that a borrower is entitled to open (and pledge) an interest-bearing deposit account in lieu of escrow funds paid to and held by the mortgage company but when I contacted my mortgage company (Chase) about this, they told me that as a "national" bank, they are regulated by Federal lending laws and not subject to the Illinois statute.


Asked on 4/11/10, 2:16 pm

1 Answer from Attorneys
Caroline Palmer Law firm of Caroline Palmer

Whoever told you that at Chase was wrong. Chase must follow the laws of each state where they do business as well as federal law. Especially when it comes to lending and mortgages, because most of the legislation in those areas come under state law.

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Answered on 4/16/10, 3:36 pm


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