SB2615 EngrossedLRB100 16030 XWW 31149 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Residential Mortgage License Act of 1987 is
5amended by changing Section 3-3 as follows:
 
6    (205 ILCS 635/3-3)  (from Ch. 17, par. 2323-3)
7    Sec. 3-3. Advertising. In addition to such other rules,
8regulations and policies as the Secretary Commissioner may
9adopt promulgate to effectuate the purpose of this Act, the
10Secretary Commissioner shall adopt rules prescribe regulations
11governing the advertising of mortgage loans, including without
12limitation, the following requirements:
13    (a) Advertising for loans transacted under this Act may not
14be false, misleading, or deceptive. No entity whose activities
15are regulated under this Act may advertise in any manner so as
16to indicate or imply that its interest rates or charges for
17loans are in any way "recommended", "approved", "set", or
18"established" by the State or by this Act. The Secretary
19Commissioner may issue a cease and desist order for any
20violation of this Section.
21    (b) Mortgage loan advertisements must reference the
22Nationwide Multistate Licensing System and Registry's Consumer
23Access website, except where exempted by the Secretary. All

 

 

SB2615 Engrossed- 2 -LRB100 16030 XWW 31149 b

1advertisements by a licensee shall contain the name and an
2office address of such entity, which shall conform to a name
3and address on record with the Commissioner.
4    (c) No licensee shall advertise its services in Illinois in
5any media, whether print or electronic, without including its
6unique identifier the words "Illinois Residential Mortgage
7Licensee".
8(Source: P.A. 87-1098.)
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.