ILCS » Chapter 765 · Act 910
Illinois Compiled Statutes

765 ILCS 910/6 (2026)

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

✓ current as of May 2026
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(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.)

    
Notes of Decisions
Cited in 5 cases, 1996–1999 · leading case: Stern v. Norwest Mortg., Inc., 688 N.E.2d 99 (Ill. 1997).
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Stern v. Norwest Mortg., Inc., 688 N.E.2d 99 (Ill. 1997). · cites it 4× “" 765 ILCS 910/6 (West 1992). Plaintiffs claimed that defendant's practice of charging an escrow waiver fee when a borrower elected to pledge an interest-bearing time deposit violated section 6 of the Escrow Act.”
Weatherman v. Gary-Wheaton Bank of Fox Valley, N.A., 713 N.E.2d 543 (Ill. 1999). · cites it 2× “" 765 ILCS 910/6 (West 1992). This provision clearly governs a borrower's option to pledge an interest-bearing time deposit instead of an escrow account to cover the payment of future anticipated property taxes.”
Stern v. Norwest Mortg., Inc., 672 N.E.2d 296 (Ill. App. Ct. 1996). “” 765 ILCS 910/6 (West 1992). In July of 1992, plaintiffs obtained a mortgage loan from Norwest in order to purchase a single-family home in Chicago.”
Stern v. Norwest Mortg. (Ill. 1997). · cites it 2× “” 765 ILCS 910/6 (West 1992). Plaintiffs claimed that defendant's practice of charging an escrow waiver fee when a borrower elected to pledge an interest-bearing time deposit violated section 6 of the Escrow Act.”
Weatherman v. Gary-Wheaton Bank (Ill. 1999). “” 765 ILCS 910/6 (West 1992). This provision clearly governs a borrower’s option to pledge an interest-bearing time deposit instead of an escrow account to cover the payment of future anticipated property taxes.”
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