Illinois General Assembly - Full Text of HB2094
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Full Text of HB2094  103rd General Assembly




HB2094 EnrolledLRB103 27736 SPS 54113 b

1    AN ACT concerning business.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 1. Findings. The General Assembly finds that the
5need to protect homeowners from unscrupulous actors seeking to
6take advantage of homeowners by soliciting mortgage
7refinancing through deceptive practices is warranted,
8particularly following the unethical practices that led to the
92008 subprime mortgage crisis. These protections will
10especially serve new homeowners not familiar with the process
11and elderly homeowners who may be more susceptible to
12deceptive mortgage marketing materials. In addition, they will
13serve to protect the homeowners' actual mortgage companies
14that have no affiliation with the solicitors and have had no
15part in helping the solicitors obtain the homeowners' mortgage
17    Section 5. The Consumer Fraud and Deceptive Business
18Practices Act is amended by changing Section 2AAA as follows:
19    (815 ILCS 505/2AAA)
20    Sec. 2AAA. Mortgage marketing materials.
21    (a) No person may send marketing materials to a consumer
22indicating that the person is connected to the consumer's



HB2094 Enrolled- 2 -LRB103 27736 SPS 54113 b

1mortgage company, indicating that there is a problem with the
2consumer's mortgage, or stating that the marketing materials
3contain information concerning the consumer's mortgage, unless
4that person sending the marketing materials is actually
5employed by the consumer's mortgage company or an affiliate of
6the consumer's mortgage company.
7    (a-5) Any marketing materials from a mortgage company not
8connected to the consumer's mortgage company must comply with
9the following requirements:
10        (1) no language may be used to state or imply that any
11    response by a consumer who is not an existing customer is
12    required, imminently or otherwise, including, but not
13    limited to, the use of the terms "urgent", "action
14    required", "materials inspected", "time sensitive", or
15    "important account information enclosed";
16        (2) the name of the solicitor's mortgage company must
17    be prominently stated:
18            (A) in the body of the text;
19            (B) at the head of the letter or message in a font
20        bigger than the body of the text; and
21            (C) on any envelope;
22        (3) the name of the consumer's mortgage company may
23    not be used to state or insinuate in any way that the
24    marketing material is from the consumer's mortgage company
25    rather than the solicitor's mortgage company, and can only
26    be used in the body of the text and when accompanied by



HB2094 Enrolled- 3 -LRB103 27736 SPS 54113 b

1    clear language explaining that the solicitation is not
2    from or affiliated with the consumer's mortgage company,
3    and is merely a solicitation. The name of the consumer's
4    mortgage company shall not be visible through an envelope
5    window, appear on the envelope itself, or appear in an
6    email subject line; and
7        (4) the text must clearly state if the consumer's
8    mortgage company had no part in helping the solicitor
9    obtain the homeowner's mortgage information.
10    (b) Any person who violates this Section commits an
11unlawful practice within the meaning of this Act.
12(Source: P.A. 95-508, eff. 1-1-08; 95-876, eff. 8-21-08;
1396-328, eff. 8-11-09.)