Illinois General Assembly - Bill Status for HB5968

Home

Legislation & Laws

Senate

House

My Legislation

Site Map

Previous General Assemblies

Bill Status of HB5968 99th General Assembly

Full Text Votes Witness Slips View All Actions Printer-Friendly Version

Short Description: MORTGAGE LOAN PROCESSING

House Sponsors
Rep. Margo McDermed

Last Action

Date	Chamber	Action
1/10/2017	House	Session Sine Die

Statutes Amended In Order of Appearance

205 ILCS 635/1-3

from Ch. 17, par. 2321-3

205 ILCS 635/1-4

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that an entity engaged solely in independent loan processing or underwriting is exempted from certain licensing requirements. Provides that those entities engaged solely in independent loan processing or underwriting shall submit an annual application for registration as an exempt entity with the Department of Financial and Professional Regulation through the Nationwide Mortgage Licensing System and Registry and comply with specific requirements. Adds those entities to the definition of "exempt person or entity". Excludes independent loan processing or underwriting from the definition of "loan brokering", "brokering", or "brokerage services". Excludes independent loan processing or underwriting from the definition of "originating". Defines "independent loan processing or underwriting". Effective immediately.

Actions

Date	Chamber	Action
2/11/2016	House	Filed with the Clerk by Rep. Margo McDermed
2/11/2016	House	First Reading
2/11/2016	House	Referred to Rules Committee
3/23/2016	House	Assigned to Executive Committee
4/8/2016	House	Committee Deadline Extended-Rule 9(b) April 22, 2016
4/22/2016	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2017	House	Session Sine Die

×