ILCS » Chapter 815 · Act 120
Illinois Compiled Statutes

815 ILCS 120/3 (2026)

No financial institution, in connection with or in contemplation of any loan to any person, may:     (a) Deny or vary the terms of a loan on the basis that a specific parcel of real estate offered as security is located in a specific geographical area

✓ current as of May 2026
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(815 ILCS 120/3) (from Ch. 17, par. 853)
    Sec. 3. No financial institution, in connection with or in contemplation of any loan to any person, may:
    (a) Deny or vary the terms of a loan on the basis that a specific parcel of real estate offered as security is located in a specific geographical area.
    (b) Deny or vary the terms of a loan without having considered all of the regular and dependable income of each person who would be liable for repayment of the loan.
    (c) Deny or vary the terms of a loan on the sole basis of the childbearing capacity of an applicant or an applicant's spouse.
    (c-5) Deny or vary the terms of a loan on the basis of the borrower's race, gender, disability, or national origin.
    (d) Utilize lending standards that have no economic basis and which are discriminatory in effect.
    (e) Engage in equity stripping or loan flipping.
(Source: P.A. 95-961, eff. 9-23-08.)

    
Notes of Decisions
Cited in 4 cases (1 in the last 5 years), 1999–2021 · leading case: Nilsson v. NBD Bank of Illinois, 731 N.E.2d 774 (Ill. App. Ct. 1999).
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Nilsson v. NBD Bank of Illinois, 731 N.E.2d 774 (Ill. App. Ct. 1999). · cites it 2× “Halstead Street, Chicago, Illinois, the parcel of property that secured the Hal-stead loan and was allegedly “cross-collateralized” with Nilsson’s personal line of credit; (2) the bank “denied or varied the terms of the Nilsson personal line of credit notwithstanding all of the…”
Smith v. United Residential Servs. & Real Est., Inc., 837 F. Supp. 2d 818 (N.D. Ill. 2011). “(“Urban”) on behalf of herself and a putative statewide class under the Illinois Consumer Fraud Act, 815 ILCS 505/2 (Count II); the Illinois Fairness in Lending Act, 815 ILCS 120/3 (Count III); the Civil Rights Act, 42 U.”
Wilmington Sav. Fund Soc'y v. Choi, 2021 IL App (2d) 200218-U (Ill. App. Ct. 2021). “” 815 ILCS 120/3(d), (e) (West 2012). Section 2 provides, “ ‘Loan flipping’ means to assist a person in refinancing a loan secured by the person’s principal residence for the primary purpose of receiving fees related to the refinancing when (i) the refinancing of the loan…”
Nilsson v. NBD Bank (Ill. App. Ct. 1999). · cites it 2× “Halstead Street, Chicago, Illinois, the parcel of property that secured the Halstead loan and was allegedly "cross-collateralized" with Nilsson's personal line of credit; (2) the bank "denied or varied the terms of the Nilsson personal line of credit notwithstanding all of the…”
— 815 ILCS 120/3(d) — 1 case
Wilmington Sav. Fund Soc'y v. Choi, 2021 IL App (2d) 200218-U (Ill. App. Ct. 2021). “” 815 ILCS 120/3(d), (e) (West 2012). Section 2 provides, “ ‘Loan flipping’ means to assist a person in refinancing a loan secured by the person’s principal residence for the primary purpose of receiving fees related to the refinancing when (i) the refinancing of the loan…”
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