|
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB0856
Introduced 2/10/2009, by Rep. Kevin Joyce SYNOPSIS AS INTRODUCED:
|
|
205 ILCS 635/3-7 |
from Ch. 17, par. 2323-7 |
|
Amends the Residential Mortgage Licensing Act of 1997. Provides that whenever a licensee seeks to transfer or sell the servicing of a residential mortgage, the licensee must retain a 25% interest in the servicing of the residential mortgage. Effective immediately.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
|
A BILL FOR
|
|
|
|
|
HB0856 |
|
LRB096 09404 MJR 19561 b |
|
|
| 1 |
| AN ACT concerning financial regulation.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Residential Mortgage License Act of 1987 is |
| 5 |
| amended by changing Section 3-7 as follows:
|
| 6 |
| (205 ILCS 635/3-7) (from Ch. 17, par. 2323-7)
|
| 7 |
| Sec. 3-7. Transfer of servicing; notices; retention of |
| 8 |
| interest in servicing. Transfer of Servicing; Notices. |
| 9 |
| (a) Whenever the servicing
of a residential mortgage is |
| 10 |
| transferred or sold by a licensee,
notice shall be given to the |
| 11 |
| mortgagor simultaneous with such
transfer and shall include, at |
| 12 |
| the minimum, where and to
whom to address the mortgagor's |
| 13 |
| questions relating to the residential
mortgage, the exact name, |
| 14 |
| address and telephone number to whom at
least the next 3 months |
| 15 |
| payments are to be submitted and the total
amount required of |
| 16 |
| the mortgagor by the servicer for each of the
months referred |
| 17 |
| to herein. |
| 18 |
| (b) Whenever a licensee seeks to transfer or sell the |
| 19 |
| servicing of a residential mortgage, the licensee must retain a |
| 20 |
| 25% interest in the servicing of the residential mortgage.
|
| 21 |
| (Source: P.A. 86-137.)
|
| 22 |
| Section 99. Effective date. This Act takes effect upon |