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Governor Rauner Signs Reverse Mortgage Act
On August 10, 2015, Governor Rauner signed the Reverse Mortgage Act, which provides increased consumer protections for Illinois borrowers involved in reverse mortgage loans. Some of the new protections include increased and more understandable disclosures to potential borrowers, a three day “cooling off” period whereby a potential borrower could rescind the deal, and granting the Attorney General’s office sole enforcement authority in connection with the Illinois Consumer Fraud Act. The Act becomes effective January 1, 2015.