HB5069 97TH GENERAL ASSEMBLY

LRB097 16280 PJG 61434 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5069

Introduced 2/7/2012, by Rep. Daniel Biss

SYNOPSIS AS INTRODUCED:

205 ILCS 635/5-18 new

Amends the Residential Mortgage License Act of 1987. Requires a person or other entity licensed under the Act to post on its Internet website a list of all documents, records, or other information, including communications with third parties, that the licensee will, or is likely to, request from a borrower as part of the loan application process.

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 adding Section 5-18 as follows:

(205 ILCS 635/5-18 new)

Sec. 5-18. Requirement to post application information on website. A licensee shall post on its Internet website a list of all documents, records, or other information, including, but not limited to, communications with third parties, that the licensee will, or is likely to, request from a borrower as part of the loan application process.