Welcome to the Winter 2008 issue of Financial Services Quarterly. Please click here to view the issue.
This edition provides financial institutions important information regarding recent changes in the Illinois Mortgage Foreclosure Law. The exponential growth in the amount of foreclosures that are being filed has caused a reaction from legislators to amend the law to make it more protective of consumer borrowers. While these laws are intended solely to protect consumers, the potential for abuse by consumers exists, so lenders should maintain caution and strictly observe guidelines for consumer lending.
Also, an article on the Illinois Credit Agreements Act is included. This article gives a brief description of the Illinois Credit Agreements Act, how it helps lenders, and how it continues to protect lenders from frivolous claims of lender liability.