Legal Question in Banking Law in Illinois

Is it legal to require non-refundable fees to brokers in IL?

We were charged a $17,000 ''underwriting fee'' from a commercial lending broker in IL. They never came up with a lender meeting our terms (which they told us was going to be easy).

I am from CT where it is clear that lending brokers cannot take non-refundable fees and can't get paid until a closing.

What are the rules on this in IL?


Asked on 1/24/05, 10:40 am

1 Answer from Attorneys
Kenneth J. Ashman Ashman Law Offices, LLC

Re: Is it legal to require non-refundable fees to brokers in IL?

What does your contract say?

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Answered on 1/25/05, 8:28 pm


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