The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.
Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.
The English language version is always the official and authoritative version of this website.
NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.
Synopsis As Introduced Amends the Residential Mortgage License Act of 1987. Replaces references to the Commissioner of Banks and Real Estate with the Director of the Division of Banking of the Department of Financial and Professional Regulation throughout the Act. Makes changes in provisions concerning the necessity for a license. Makes changes defining the term "exempt person or entity" and "full service office". Makes changes in provisions concerning the application process for obtaining a license, including provisions concerning a multistate automated licensing system. Makes changes in provisions concerning the application form used to obtain a license. Makes changes in provisions that require specified averments that accompany an application for a license. Makes changes in provisions concerning the Director's refusal to issue a license, including failure to comply with provisions of the multistate automated licensing system. Makes changes in provisions concerning the license issuance and renewal. Makes changes in provisions concerning (i) additional full service offices and (ii) the requirements for posting a license. Makes changes in a provision concerning a licensee's office and staff within the State. Makes changes in provisions requiring that the business affairs of a licensee shall be examined for compliance. Makes changes in provisions concerning the suspension or revocation of a license. Makes changes in provisions concerning annual reports of certain activities. Makes other changes. Contains a nonacceleration clause. Effective January 1, 2009.
Senate Floor Amendment No. 2 Provides that "exempt person" means any individual or company exempt from licensure in the State. Provides that the Director of the Division of Banking of the Department of Financial and Professional Regulation shall not require any exempt person to submit information to the multistate automated licensing system. Provides that no person shall be authorized to obtain information from the multistate automated licensing system or initiate any action based on information obtained from the multistate automated licensing system that the person could not otherwise have obtained or initiated based on information currently available under existing State law. Provides that the Director shall accept and abide by the Privacy, Data Security, and Security Breach Notification Policy, as adopted by the multistate automated licensing system, and ensure that it is in full compliance with existing State law. Provides that the Director may make available, upon written request, a copy of the contract between the Department of Financial and Professional Regulation and the multistate automated licensing system that satisfies specified provisions. Provides that the Director may, upon written request and consistent with other state regulators, provide the most recently available audited financial report of the multistate automated licensing system.
Creates the Homeowner Protection Act. Contains provisions concerning credit counseling prior to perfecting foreclosure proceedings. Provides that a servicer shall compile and submit to the Secretary of Financial and Professional Regulation on or before the twentieth business day of every other month a Foreclosure Prevention Report that contains specified information for the preceding 2 months or as otherwise indicated. Provides that the Secretary shall prescribe the form and manner for filing the Foreclosure Prevention Report. Provides that the Secretary may publish for public review the Foreclosure Prevention Report or any information contained in the Foreclosure Prevention Report, except for personally-identifying information regarding borrowers. Specifies that certain provisions are repealed on December 31, 2010. Contains provisions concerning the enforcement of the Act by the Secretary. Provides that the Department of Financial and Professional Regulation may adopt reasonable rules to implement and administer the Act. Provides that all final administrative decisions under the Act are subject to judicial review pursuant to the provisions of the Administrative Review Law and any rules adopted pursuant thereto. Provides that there shall be no waiver of any provision of the Act. Adds a severability clause.
Replaces everything after the enacting clause. Creates the Homeowner Protection Act. Contains provisions concerning credit counseling prior to perfecting foreclosure proceedings. Provides that a servicer shall compile and submit to the Secretary of Financial and Professional Regulation on or before the twentieth business day of every other month a Foreclosure Prevention Report that contains specified information for the preceding 2 months or as otherwise indicated. Provides that the Secretary may publish for public review the Foreclosure Prevention Report or any information contained in the Foreclosure Prevention Report, except for personally-identifying information regarding borrowers. Specifies that certain provisions are repealed on December 31, 2010. Contains provisions concerning the enforcement of the Act by the Secretary. Provides that neither the Governor nor any agency or agency head under the jurisdiction of the Governor has any rulemaking authority under the Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion. Provides that all final administrative decisions under the Act are subject to judicial review pursuant to the provisions of the Administrative Review Law and any rules adopted pursuant thereto. Provides that there shall be no waiver of any provision of the Act. Effective January 1, 2009.
This site is maintained for the Illinois General Assembly
by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706
Contact ILGA Webmaster