Illinois General Assembly - Bill Status for HB5197

Illinois General Assembly - Bill Status for HB5197

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Bill Status of HB5197 93rd General Assembly

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Short Description: FIN REG-REVERSE MORT LOANS

House Sponsors
Rep. Michael K. Smith - Ronald A. Wait - Charles E. Jefferson - Angelo Saviano - Larry McKeon, Monique D. Davis, Mike Boland, Brandon W. Phelps, Harry Osterman, Suzanne Bassi, Naomi D. Jakobsson, William Davis, Thomas Holbrook, Joseph M. Lyons, Ralph C. Capparelli, Careen Gordon, Robert F. Flider, John E. Bradley, Robert Rita, Kathleen A. Ryg and Donald L. Moffitt

Senate Sponsors
(Sen. George P. Shadid - Dale E. Risinger - Jacqueline Y. Collins, Pamela J. Althoff and Edward D. Maloney)

Last Action

Date	Chamber	Action
8/5/2004	House	Public Act . . . . . . . . . 93-0863

Statutes Amended In Order of Appearance

from Ch. 17, par. 312

205 ILCS 105/1-6a

from Ch. 17, par. 3301-6a

Synopsis As Introduced
Amends the Illinois Banking Act and the Illinois Savings and Loan Act of 1985. Provides for a civil penalty of $50,000 for violations of law in connection with reverse mortgage loans made to elderly persons. Requires the penalty to be paid into the Community Senior Services and Resources Fund. Effective immediately.

House Floor Amendment No. 1

	Deletes reference to:
	205 ILCS 5/5a

205 ILCS 105/1-6a

	Adds reference to:
	205 ILCS 635/5-5

Deletes everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Provides that a licensee must act in good faith in all relations with a borrower. Provides that no licensee shall employ fraudulent or deceptive acts or practices in the making of a reverse mortgage loan, including deceptive marketing and sales efforts. Effective immediately.

Actions

Date	Chamber	Action
2/5/2004	House	Filed with the Clerk by Rep. Michael K. Smith
2/5/2004	House	First Reading
2/5/2004	House	Referred to Rules Committee
2/18/2004	House	Assigned to Consumer Protection Committee
2/24/2004	House	Added Chief Co-Sponsor Rep. Ronald A. Wait
2/24/2004	House	Added Chief Co-Sponsor Rep. Charles E. Jefferson
2/24/2004	House	Added Chief Co-Sponsor Rep. Angelo Saviano
2/24/2004	House	Added Chief Co-Sponsor Rep. Larry McKeon
3/2/2004	House	Added Co-Sponsor Rep. Monique D. Davis
3/2/2004	House	Added Co-Sponsor Rep. Mike Boland
3/3/2004	House	Do Pass / Short Debate Consumer Protection Committee; 011-000-000
3/3/2004	House	Placed on Calendar 2nd Reading - Short Debate
3/23/2004	House	Added Co-Sponsor Rep. Brandon W. Phelps
3/23/2004	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Michael K. Smith
3/23/2004	House	House Floor Amendment No. 1 Referred to Rules Committee
3/24/2004	House	Added Co-Sponsor Rep. Harry Osterman
3/25/2004	House	Added Co-Sponsor Rep. Suzanne Bassi
3/25/2004	House	House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 004-000-000
3/25/2004	House	Added Co-Sponsor Rep. Naomi D. Jakobsson
3/25/2004	House	Added Co-Sponsor Rep. William Davis
3/25/2004	House	Added Co-Sponsor Rep. Thomas Holbrook
3/25/2004	House	Added Co-Sponsor Rep. Joseph M. Lyons
3/25/2004	House	Added Co-Sponsor Rep. Ralph C. Capparelli
3/25/2004	House	Second Reading - Short Debate
3/25/2004	House	House Floor Amendment No. 1 Adopted by Voice Vote
3/25/2004	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/26/2004	House	Added Co-Sponsor Rep. Careen Gordon
3/26/2004	House	Added Co-Sponsor Rep. Robert F. Flider
3/29/2004	House	Added Co-Sponsor Rep. John E. Bradley
3/30/2004	House	Added Co-Sponsor Rep. Robert Rita
3/30/2004	House	Third Reading - Short Debate - Passed 116-000-000
3/30/2004	House	Added Co-Sponsor Rep. Kathleen A. Ryg
3/30/2004	House	Added Co-Sponsor Rep. Donald L. Moffitt
3/31/2004	Senate	Arrive in Senate
3/31/2004	Senate	Placed on Calendar Order of First Reading April 1, 2004
4/2/2004	Senate	Chief Senate Sponsor Sen. George P. Shadid
4/6/2004	Senate	First Reading
4/6/2004	Senate	Referred to Rules
4/15/2004	Senate	Assigned to Financial Institutions
4/22/2004	Senate	Do Pass Financial Institutions; 006-000-000
4/22/2004	Senate	Placed on Calendar Order of 2nd Reading April 27, 2004
4/23/2004	Senate	Added as Alternate Chief Co-Sponsor Sen. Dale E. Risinger
4/28/2004	Senate	Second Reading
4/28/2004	Senate	Placed on Calendar Order of 3rd Reading April 29, 2004
5/4/2004	Senate	Added as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
5/11/2004	Senate	Added as Alternate Co-Sponsor Sen. Pamela J. Althoff
5/11/2004	Senate	Added as Alternate Co-Sponsor Sen. Edward D. Maloney
5/11/2004	Senate	Third Reading - Passed; 056-000-000
5/11/2004	House	Passed Both Houses
6/9/2004	House	Sent to the Governor
8/5/2004	House	Governor Approved
8/5/2004	House	Effective Date August 5, 2004
8/5/2004	House	Public Act . . . . . . . . . 93-0863