(310 ILCS 45/3) (from Ch. 67 1/2, par. 803)
Sec. 3.
The following terms, whenever used or referred to in this Act,
shall have the following meanings, except in such instances where the context
may clearly indicate otherwise:
(a) "Agency" means the public body, corporate and politic, created by this Act.
(b) "Eligible Urban and Rural Areas" means each census tract in the
State in which the median household income is less than or equal to 80% of
the median household income for the entire State.
(c) "Mortgage Insurance Fund" means the mortgage insurance fund established
pursuant to Section 5.
(d) "Mortgagor" means the original borrower under a qualified
mortgage pursuant to Section 8, and its successors and assigns
approved by the Agency.
(e) "Qualified Lending Institution" means any bank, trust company,
national bank, savings bank, State or federal savings and loan
association, State or federal credit union, insurance company, private or
public pension fund, philanthropic institution or any other entity
approved by the Agency.
(f) "Qualified Mortgages" means the mortgages made to qualified lending
institutions and approved by the Agency pursuant to Section 8.
(Source: P.A. 83-1392.)
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