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91_HB1740enr HB1740 Enrolled LRB9103434WHpr 1 AN ACT to amend the Illinois Loan Brokers Act of 1995 by 2 changing Section 15-80. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Loan Brokers Act of 1995 is 6 amended by changing Section 15-80 as follows: 7 (815 ILCS 175/15-80) 8 Sec. 15-80. Persons exempt from registration and other 9 duties; burden of proof thereof. 10 (a) The following persons are exempt from the 11registration and bondingrequirements of Sections 15-10, 12 15-15, 15-20, 15-25, 15-30, 15-35, 15-40, and 15-75 of this 13 Act: 14 (1) Any attorney while engaging in the practice of 15 law. 16 (2) Any certified public accountant licensed to 17 practice in Illinois, while engaged in practice as a 18 certified public accountant and whose service in relation 19 to procurement of a loan is incidental to his or her 20 practice. 21 (3) Any person licensed to engage in business as a 22 real estate broker or salesperson in Illinois while 23 rendering services in the ordinary course of a 24 transaction in which a license as a real estate broker or 25 salesperson is required. 26 (4) Any dealer, salesperson or investment adviser 27 registered under the Illinois Securities Law of 1953, or 28 an investment advisor, representative, or any person who 29 is regularly engaged in the business of offering or 30 selling securities in a transaction exempted under 31 subsection C, H, M, R, Q, or S of Section 4 of the HB1740 Enrolled -2- LRB9103434WHpr 1 Illinois Securities Law of 1953 or subsection G of 2 Section 4 of the Illinois Securities Law of 1953 provided 3 that such person is registered under the federal 4 securities law. 5 (4.1) An associated person described in subdivision 6 (h)(2) of Section 15 of the Federal 1934 Act. 7 (4.2) An investment adviser registered pursuant to 8 Section 203 of the Federal 1940 Investment Advisors Act. 9 (4.3) A person described in subdivision (a)(11) of 10 Section 202 of the Federal 1940 Investment Advisors Act. 11 (5) Any person whose fee is wholly contingent on 12 the successful procurement of a loan from a third party 13 and to whom no fee, other than a bona fide third party 14 fee, is paid before the procurement. 15 (6) Any person who is a creditor, or proposed to be 16 a creditor, for any loan. 17 (7) (Blank). 18 (8) Any person regulated by the Department of 19 Financial Institutions or the Office of Banks and Real 20 Estate, or any insurance producer or company authorized 21 to do business in this State. 22 (b) As used in this Section, "bona fide third party fee" 23 includes fees for: 24 (1) Credit reports, appraisals and investigations. 25 (2) If the loan is to be secured by real property, 26 title examinations, an abstract of title, title 27 insurance, a property survey and similar purposes. 28 (c) As used in this Section, "successful procurement of 29 a loan" means that a binding commitment from a creditor to 30 advance money has been received and accepted by the borrower. 31 (d) The burden of proof of any exemption provided in 32 this Act shall be on the party claiming the exemption. 33 (Source: P.A. 89-209, eff. 1-1-96; 89-508, eff. 7-3-96; 34 90-70, eff. 7-8-97.) HB1740 Enrolled -3- LRB9103434WHpr 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.