Illinois General Assembly - Full Text of HB6215

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Full Text of HB6215 96th General Assembly

Introduced
House Amendment 001 House Amendment 002 House Amendment 003
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HB6215 96TH GENERAL ASSEMBLY

96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010
HB6215

Introduced 2/11/2010, by Rep. André M. Thapedi

SYNOPSIS AS INTRODUCED:

205 ILCS 635/5-4 new

30 ILCS 105/5.756 new

    Amends the Residential Mortgage License Act of 1987. Provides that a licensee that is foreclosing on a loan must pay the clerk of the court of the county that the foreclosure action is commenced in a fee that is to be deposited into the Homeowner Loan Assistance Fund. Provides that the fee that the licensee must pay is equal to $5 for every $1,000 that is sought as part of the foreclosure action. Amends the State Finance Act to create the Homeowner Loan Assistance Fund as a special fund in the State treasury.Provides that all moneys in the Homeowner Loan Assistance Fund shall beused by the Department to offer loan assistance to homeowners that are facing foreclosure. Effective immediately.

LRB096 16710 MJR 31999 b

FISCAL NOTE ACT MAY APPLY

A BILL FOR

HB6215 LRB096 16710 MJR 31999 b

1     AN ACT concerning financial regulation.

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

4     Section 5. The Residential Mortgage License Act of 1987 is
5 amended by adding Section 5-4 as follows:

6     (205 ILCS 635/5-4 new)
7     Sec. 5-4. Homeowner loan assistance.
8     (a) A licensee that is foreclosing on a loan must pay the
9 clerk of the court of the county that the foreclosure action is
10 commenced in a fee that is to be deposited into the Homeowner
11 Loan Assistance Fund. The fee that the licensee must pay is
12 equal to $5 for every $1,000 that is sought as part of the
13 foreclosure action.
14     (b) The Homeowner Loan Assistance Fund is created as a
15 special fund in the State treasury. All moneys in the Homeowner
16 Loan Assistance Fund shall be used by the Department to offer
17 loan assistance to homeowners that are facing foreclosure.

18     Section 10. The State Finance Act is amended by adding
19 Section 5.756 as follows:

20     (30 ILCS 105/5.756 new)
21     Sec. 5.756. The Homeowner Loan Assistance Fund.

HB6215 - 2 - LRB096 16710 MJR 31999 b

1     Section 99. Effective date. This Act takes effect upon
2 becoming law.

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