HB5695 95TH GENERAL ASSEMBLY

LRB095 19893 KBJ 46307 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5695

Introduced , by Rep. Jay C. Hoffman

SYNOPSIS AS INTRODUCED:

205 ILCS 635/2-1

from Ch. 17, par. 2322-1

Amends the Residential Mortgage License Act. In a Section concerning a licensee's name, makes a technical change.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Residential Mortgage License Act of 1987 is amended by changing Section 2-1 as follows:

(205 ILCS 635/2-1) (from Ch. 17, par. 2322-1)

Sec. 2-1. Licensee Name.

(a) No person person, partnership, association, corporation, limited liability company, or other entity engaged in the business regulated by this Act shall operate such business under a name other than the real names of the individuals conducting such business, an assumed corporate name pursuant to the Business Corporation Act of 1983, an assumed limited liability company name pursuant to the Limited Liability Company Act, or an assumed business name pursuant to the Assumed Business Name Act.

(b) A knowing violation of this Section constitutes an unlawful practice within the meaning of this Act, and in addition to the administrative relief available under this Act, may be prosecuted for the commission of a Class A misdemeanor. A person who is convicted of a second or subsequent violation of this Section is guilty of a Class 4 felony.

(Source: P.A. 89-355, eff. 8-17-95.)