SB2715 93RD GENERAL ASSEMBLY

LRB093 15961 SAS 41584 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2715

Introduced 2/4/2004, by Martin A. Sandoval

SYNOPSIS AS INTRODUCED:

205 ILCS 635/1-5

from Ch. 17, par. 2321-5

Amends the Residential Mortgage License Act of 1987. Increases the size of the Residential Mortgage Board by 2 members. Requires that at least two of the members shall represent consumer advocacy organizations of which one must be a statewide senior citizen membership based organization. Removes authority to pay per diem and expenses for members other than citizen members who shall be reimbursed for actual expenses. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning the Residential Mortgage Board.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Residential Mortgage License Act of 1987 is amended by changing Section 1-5 as follows:

(205 ILCS 635/1-5) (from Ch. 17, par. 2321-5)

Sec. 1-5. Residential Mortgage Board.

(a) Board composition, compensation. There is created the Residential Mortgage Board composed of 7 5 members appointed by the Commissioner of Banks and Real Estate. The majority of persons on the Board shall have no financial interest in any residential mortgage business and one member shall be a representative of the Mortgage Banking Trade Association and one member shall be a representative of the Mortgage Broker Trade Association. At least two of the members shall represent consumer advocacy organizations of which one shall be a statewide senior citizen membership based organization. Members of the Board serving on the effective date of this amendatory Act of 1996 shall continue to serve their unexpired terms as members of the Residential Mortgage Board. Thereafter, on or before January 15 of each year, the Commissioner shall appoint one or more board members, as shall be necessary to maintain a 5 member Board, whose terms shall be for 3 years commencing February 1 of the year in which they are respectively appointed.

If a vacancy occurs on the Residential Mortgage Board, the Commissioner shall within 60 days appoint a new member who shall hold office for the remainder of the vacated term.

The Board shall meet at the call of the chairman, who along with a Secretary, shall be selected by the Board from among its members.

Members of the Board shall serve without compensation or reimbursement for expenses, except citizen members who shall receive compensation for actual expenses incurred in the performance of their duties.

Members of the Board shall be entitled to receive a per diem allowance of $25 for each day or part of a day spent on Board work and shall be entitled to their expenses actually and necessarily incurred in the performance of their duties. The members of the Board serve at the pleasure of the Commissioner.

(b) Duties of Board. The Residential Mortgage Board shall assist the Commissioner by:

(1) submitting recommendations to the Commissioner for the efficient administration of this Act; and

(2) performing other duties as are prescribed by the Commissioner.

(c) Conflict of interest declarations. Each member of the Residential Mortgage Board shall file annually, no later than February 1, with the Commissioner a statement of his or her current business transactions or other affiliations with any licensee under this Act. The Commissioner may adopt rules to avoid conflicts of interest on the part of members of the Residential Mortgage Board in connection with their position on the Board.

(Source: P.A. 89-355, eff. 8-17-95; 89-508, eff. 7-3-96.)

Section 99. Effective date. This Act takes effect upon becoming law.