Sen. Michael W. Frerichs

Filed: 3/15/2011

 

 


 

 


 
09700SB1603sam001LRB097 09201 CEL 52860 a

1
AMENDMENT TO SENATE BILL 1603

2    AMENDMENT NO. ______. Amend Senate Bill 1603 as follows:
 
3on page 1, line 21, by replacing "items (1) and (1.5) of" with
4"items (1) and (1.5) of"; and
 
5on page 2, immediately below line 4, by inserting the
6following:
7    "Effective January 1, 2011, no provision of this Act shall
8apply to an exempt person or entity as defined in item (1.8) of
9subsection (d) of Section 1-4 of this Act. Notwithstanding
10anything to the contrary in the preceding sentence, an
11individual acting as a mortgage loan originator who is not
12employed by and acting for an entity described in item (1) of
13subsection (tt) of Section 1-4 of this Act shall be subject to
14the mortgage loan originator licensing requirements of Article
15VII of this Act, and provided that an individual acting as a
16mortgage loan originator under item 1.8 of subsection (d) of

 

 

09700SB1603sam001- 2 -LRB097 09201 CEL 52860 a

1Section 1-4 of this Act shall be further subject to a
2determination by the U.S. Department of Housing and Urban
3Development through final rulemaking or other authorized
4agency determination under the federal Secure and Fair
5Enforcement for Mortgage Licensing Act of 2008.".