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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5695
Introduced , by Rep. Jay C. Hoffman SYNOPSIS AS INTRODUCED:
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205 ILCS 635/2-1 |
from Ch. 17, par. 2322-1 |
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Amends the Residential Mortgage License Act. In a Section concerning a licensee's name, makes a technical change.
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A BILL FOR
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HB5695 |
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LRB095 19893 KBJ 46307 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Residential Mortgage License Act of 1987 is |
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| amended by changing Section 2-1 as follows:
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| (205 ILCS 635/2-1) (from Ch. 17, par. 2322-1)
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| Sec. 2-1. Licensee Name.
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| (a) No person person, partnership, association,
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| corporation, limited liability company, or other entity |
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| engaged in the
business regulated by this Act
shall operate |
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| such business under a name other than the real names of the
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| individuals conducting such business, an assumed corporate |
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| name pursuant to
the Business Corporation Act of 1983, an |
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| assumed limited
liability company
name
pursuant to the Limited |
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| Liability Company Act,
or an assumed business name pursuant to |
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| the Assumed Business Name Act.
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| (b) A knowing violation of this Section constitutes an |
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| unlawful practice
within the meaning of this Act, and in |
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| addition to the administrative relief
available under this Act, |
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| may be prosecuted for the commission of a Class A
misdemeanor. |
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| A person who is convicted of a second or subsequent violation
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| of this Section is guilty of a Class 4 felony.
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| (Source: P.A. 89-355, eff. 8-17-95.)
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