DAVIS,MONIQUE, LYONS,JOSEPH, BRADLEY, PUGH, HOFFMAN,
ACEVEDO, CAPPARELLI, CURRIE, DELGADO, FEIGENHOLTZ,
HOWARD, KENNER, LANG, LOPEZ, MCKEON, OSTERMAN,
TURNER,ART AND GARRETT.
PREDATORY HOME LOAN ACT
Synopsis of Bill as introduced:
Creates the Predatory Home Loan Practices Act. Prohibits various
practices and charges in connection with home loans made to persons
with respect to their primary residence. Prohibits the imposition of
prepayment penalties, flipping of loans, and lender financing of
credit insurance. Imposes limitations on high-cost loans. Prohibits
loans unless the lender reasonably believes that the borrower is able
to make scheduled payments to repay the loan without respect to the
borrower's equity in the property. Authorizes a borrower to obtain
damages for violations of the Act.
HOUSE AMENDMENT NO. 1.
Replaces the title and everything after enacting clause. Creates
the Predatory Home Loan Practices Act. Includes provisions of the bill
as introduced. Adds restrictions on home-improvement contracts. Pro-
vides that remedies under the Act are not exclusive.
HOUSING AFFORDABILITY NOTE, H-AM 1 (Housing Development Auth.)
It is anticipated that this legislation will decrease the cost
of purchasing or owning a home for those that access high cost
home loans. However, it is not possible to determine the number
of high cost loans that will be avoided because of this Act.
Therefore, there is insufficient information available to
determine the fiscal effect to the cost of purchasing or owning
a single family residence.
FISCAL NOTE, H-AM 1 (Dept. of Financial Institutions)
There would be a total fiscal impact of $528,207, which would
include 9 additional employees.
STATE DEBT NOTE, H-AM 1 (Ill. Economic and Fiscal Commission)
HB 3007, as amended, would not change the amount of authori-
zation for any type of State-issued or State-supported bond,
and therefore, would not affect the level of State indebted-
HOME RULE NOTE, H-AM 1
(Department of Commerce and Community Affairs)
This legislation does not relate to the activities of home rule
units of government, and therefore does not preempt home rule
FISCAL NOTE, H-AM 1 (Department of Corrections)
There would be no corrections population or fiscal impact.
CORRECTIONAL NOTE, H-AM 1 (Department of Corrections)
Same as DOC fiscal note.
HOUSE AMENDMENT NO. 2.
Deletes reference to:
Adds reference to:
205 ILCS 635/1-4 from Ch. 17, par. 2321-4
205 ILCS 635/1-5 from Ch. 17, par. 2321-5
205 ILCS 635/4-8 from Ch. 17, par. 2324-8
205 ILCS 635/4-8.1 new
205 ILCS 635/4-8.2 new
205 ILCS 635/4-8.3 new
205 ILCS 635/4-8.4 new
205 ILCS 635/4-8.5 new
205 ILCS 635/4-8.6 new
205 ILCS 635/4-8.7 new
205 ILCS 635/4-8.8 new
205 ILCS 635/4-8.9 new
205 ILCS 635/4-8.10 new
205 ILCS 635/4-8.11 new
Replaces the title and everything after the enacting clause.
Amends the Residential Mortgage License Act of 1987. Increases the
size of the Residential Mortgage Board from 5 to 7 members. Provides
that one of the additional members shall be a representative of the
National Training and Information Center and one shall be a
representative of the Woodstock Institute. Requires the board to meet
at least 4 times each calendar year. Provides that the Commissioner of
Banks and Real Estate or the board shall investigate licensees when
there are facts that would constitute grounds for disciplinary action.
Provides for hearings and procedures for the hearings. Effective
FISCAL NOTE, H-AM 2 (Office of Banks and Real Estate)
This legislation would necessitate the hiring of 7 additional
staff to accommodate the expansion of examinations and prose-
cutions of licensed entities, as well as enforcement powers
provided within the legislation. The estimated total fiscal
impact is approximately $428,000 annually.
HOUSING AFFORDABILITY NOTE, H-AM 2 (Housing Development Auth.)
There is no fiscal impact on a single-family residence.
JUDICIAL NOTE, H-AM 2 (Administrative Office of Ill. Courts)
There may be an increase in judicial workloads. However, it
is not possible to determine what impact the bill will have
on the number of judges needed in the State.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
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