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 Bill Status of HB0527  100th General Assembly


Short Description:  MORTGAGE LOAN PROCESSING

House Sponsors
Rep. Margo McDermed

Last Action
DateChamber Action
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
205 ILCS 635/1-3from Ch. 17, par. 2321-3
205 ILCS 635/1-4


Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that an entity engaged solely in independent loan processing or underwriting is exempted from certain licensing requirements. Provides that those entities engaged solely in independent loan processing or underwriting shall submit an annual application for registration as an exempt entity with the Department of Financial and Professional Regulation through the Nationwide Mortgage Licensing System and Registry and comply with specific requirements. Adds those entities to the definition of "exempt person or entity". Excludes independent loan processing or underwriting from the definition of "soliciting, processing, placing, or negotiating a residential mortgage loan", "loan brokering", "brokering", or "brokerage services". Excludes independent loan processing or underwriting from the definition of "originating". Defines "independent loan processing or underwriting". Effective immediately.

Actions 
DateChamber Action
  1/24/2017HouseFiled with the Clerk by Rep. Margo McDermed
  1/24/2017HouseFirst Reading
  1/24/2017HouseReferred to Rules Committee
  2/2/2017HouseAssigned to Executive Committee
  2/9/2017HouseRe-assigned to Judiciary - Civil Committee
  2/24/2017HouseTo Commercial Law Subcommittee
  3/14/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margo McDermed
  3/14/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

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