765 ILCS 910/6

(765 ILCS 910/6) (from Ch. 17, par. 4906)

Sec. 6. In lieu of the mortgage lender establishing an escrow account or an escrow-like arrangement, a borrower may pledge an interest bearing time deposit with the mortgage lender in an amount sufficient to secure the payment of anticipated taxes.

(Source: P.A. 84-232.)