SB1603sam001 97TH GENERAL ASSEMBLY

Sen. Michael W. Frerichs

Filed: 3/15/2011

09700SB1603sam001 LRB097 09201 CEL 52860 a

AMENDMENT TO SENATE BILL 1603

AMENDMENT NO. ______. Amend Senate Bill 1603 as follows:

on page 1, line 21, by replacing "items (1) and (1.5) of" with "items (1) and (1.5) of"; and

on page 2, immediately below line 4, by inserting the following:

"Effective January 1, 2011, no provision of this Act shall apply to an exempt person or entity as defined in item (1.8) of subsection (d) of Section 1-4 of this Act. Notwithstanding anything to the contrary in the preceding sentence, an individual acting as a mortgage loan originator who is not employed by and acting for an entity described in item (1) of subsection (tt) of Section 1-4 of this Act shall be subject to the mortgage loan originator licensing requirements of Article VII of this Act, and provided that an individual acting as a mortgage loan originator under item 1.8 of subsection (d) of Section 1-4 of this Act shall be further subject to a determination by the U.S. Department of Housing and Urban Development through final rulemaking or other authorized agency determination under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.".