Illinois Appellate Court
Civil Court
Foreclosure
Homeowner raised defenses under federal Truth in Lending Act (TILA) in mortgage foreclosure case. TILA was inapplicable, and thus bank was not required to comply with disclosure provisions of TILA before foreclosing, because loan secured by mortgage on home was a commercial loan, not a consumer loan. Bank and Defendants had ongoing business relationship, with bank providing credit for Defendants' businesses. Bank extended Defendants the loan to they could pay down line of credit for company in business of purchasing tax certificates, and documentation confirmed that this was where proceeds of loan were applied. (HOWSE and COBBS, concurring.)