Illinois passed a bill requiring lenders and servicers licensed under the Residential Mortgage License Act to accept certain arrearage payments offered by a borrower in default. Under the bill, if a borrower in arrears submits a whole month payment to the lender or servicer, the lender or servicer must accept the payment and apply the payment to the unpaid balance of the mortgage loan. The bill does not require lenders and servicers to accept partial payments submitted by a borrower in arrears. The bill becomes effective January 1, 2018.
See Illinois General Assembly website for the full text of the Statutes:
http://www.ilga.gov/legislation/publicacts/100/PDF/100-0268.pdf
