BURKE-MADIGAN,MJ-CAPPARELLI-MORROW-DAVIS,MONIQUE, YARBROUGH, JONES,LOU, COLLINS, SOTO, DELGADO AND MENDOZA. 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 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 upon the Commissioner's motion, upon the motion of the Residential Mortgage Board, or upon the verified complaint of any person establishing grounds for disciplinary action, the Commissioner of Banks and Real Estate shall investigate licensees. Provides for hearings and procedures for the hearings. Effective immediately. FISCAL NOTE (Office of Banks and Real Estate) There would be an estimated annual cost of $50,280, $50,000 for additional hearings that might be necessitated by this Act and $280 for two additional board members to attend four meetings. HOUSE AMENDMENT NO. 1. Deletes 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 Adds reference to: New Act Replaces the title and everything after the enacting clause. 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. Effective immediately. HOUSE AMENDMENT NO. 2. Deletes reference to: New Act Adds reference to: 205 ILCS 5/2 from Ch. 17, par. 302 205 ILCS 5/6.2 new 205 ILCS 5/6.3 new 205 ILCS 5/6.4 new 205 ILCS 5/6.5 new 205 ILCS 5/6.6 new 205 ILCS 5/6.7 new 205 ILCS 5/6.8 new 205 ILCS 5/6.9 new 205 ILCS 5/6.10 new 205 ILCS 5/6.11 new 205 ILCS 5/6.12 new 205 ILCS 5/6.13 new 205 ILCS 5/6.14 new 205 ILCS 5/6.15 new 205 ILCS 5/6.16 new 205 ILCS 5/6.17 new 205 ILCS 5/6.18 new 205 ILCS 105/1-10.39 new 205 ILCS 105/1-10.40 new 205 ILCS 105/1-10.41 new 205 ILCS 105/1-10.42 new 205 ILCS 105/5-17 new 205 ILCS 105/5-18 new 205 ILCS 105/5-19 new 205 ILCS 105/5-20 new 205 ILCS 105/5-21 new 205 ILCS 105/5-22 new 205 ILCS 105/5-23 new 205 ILCS 105/5-24 new 205 ILCS 105/5-25 new 205 ILCS 105/5-26 new 205 ILCS 105/5-27 new 205 ILCS 105/5-28 new 205 ILCS 105/5-29 new 205 ILCS 105/5-30 new 205 ILCS 105/5-31 new 205 ILCS 105/5-32 new 205 ILCS 105/5-33 new 205 ILCS 205/1007.125 new 205 ILCS 205/1007.130 new 205 ILCS 205/1007.135 new 205 ILCS 205/1007.140 new 205 ILCS 205/6015 new 205 ILCS 205/6016 new 205 ILCS 205/6017 new 205 ILCS 205/6018 new 205 ILCS 205/6019 new 205 ILCS 205/6020 new 205 ILCS 205/6021 new 205 ILCS 205/6022 new 205 ILCS 205/6023 new 205 ILCS 205/6024 new 205 ILCS 205/6025 new 205 ILCS 205/6026 new 205 ILCS 205/6027 new 205 ILCS 205/6028 new 205 ILCS 205/6029 new 205 ILCS 205/6030 new 205 ILCS 205/6031 new 205 ILCS 305/1.1 from Ch. 17, par. 4402 205 ILCS 305/66.1 new 205 ILCS 305/66.2 new 205 ILCS 305/66.3 new 205 ILCS 305/66.4 new 205 ILCS 305/66.5 new 205 ILCS 305/66.6 new 205 ILCS 305/66.7 new 205 ILCS 305/66.8 new 205 ILCS 305/66.9 new 205 ILCS 305/66.10 new 205 ILCS 305/66.11 new 205 ILCS 305/66.12 new 205 ILCS 305/66.13 new 205 ILCS 305/66.14 new 205 ILCS 305/66.15 new 205 ILCS 635/1-4 from Ch. 17, par. 2321-4 205 ILCS 635/5-2 new 205 ILCS 635/5-3 new 205 ILCS 635/5-4 new 205 ILCS 635/5-5 new 205 ILCS 635/5-6 new 205 ILCS 635/5-7 new 205 ILCS 635/5-8 new 205 ILCS 635/5-9 new 205 ILCS 635/5-10 new 205 ILCS 635/5-11 new 205 ILCS 635/5-12 new 205 ILCS 635/5-13 new 205 ILCS 635/5-14 new 205 ILCS 635/5-15 new 205 ILCS 635/5-16 new 205 ILCS 635/5-17 new 205 ILCS 635/5-18 new 205 ILCS 660/2 from Ch. 17, par. 5202 205 ILCS 660/16.6 new 205 ILCS 660/16.7 new 205 ILCS 660/16.8 new 205 ILCS 660/16.9 new 205 ILCS 660/16.10 new 205 ILCS 660/16.11 new 205 ILCS 660/16.12 new 205 ILCS 660/16.13 new 205 ILCS 660/16.14 new 205 ILCS 660/16.15 new 205 ILCS 660/16.16 new 205 ILCS 660/16.17 new 205 ILCS 660/16.18 new 205 ILCS 660/16.19 new 205 ILCS 660/16.20 new 205 ILCS 670/17.1 new 205 ILCS 670/17.2 new 205 ILCS 670/17.3 new 205 ILCS 670/17.4 new 205 ILCS 670/17.5 new 205 ILCS 670/17.6 new 205 ILCS 670/17.7 new 205 ILCS 670/17.8 new 205 ILCS 670/17.9 new 205 ILCS 670/17.10 new 205 ILCS 670/17.11 new 205 ILCS 670/17.12 new 205 ILCS 670/17.13 new 205 ILCS 670/17.14 new 205 ILCS 670/17.15 new 205 ILCS 670/17.16 new 205 ILCS 670/17.17 new 205 ILCS 670/17.18 new 205 ILCS 670/17.19 new Replaces the title and everything after the enacting clause. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, the Residential Mortgage License Act of 1987, the Illinois Credit Union Act, the Sales Finance Agency Act, and the Consumer Installment Loan Act. Provides for the regulation of high risk home loans. Provides that a "high risk home loan" is a loan that (1) has an APR that is more than 6 percentage points, in the case of a first mortgage lien or more than 8 percentage points, in the case of a junior mortgage lien, higher than the yield on certain U.S. Treasury securities or (2) has points and fees payable by the consumer of the greater of 5% of the loan or $800. Limits the conditions under which a lender may make a high risk mortgage loan. Limits payments to contractors. Prohibits refinancing in certain instances. Prohibits the financing of prepaid insurance products and warranties. Authorizes the Commissioner of Banks and Real Estate to conduct examinations and require remedial action by lenders who have unusually high foreclosure rates. Effective immediately. DEC-08-2000 H PREFILED WITH CLERK JAN-10-2001 H FIRST READING JAN-10-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-25-2001 H FISCAL NOTE FILED JAN-25-2001 H COMMITTEE RULES JAN-30-2001 H ADDED AS A CO-SPONSOR FRITCHEY JAN-31-2001 H ASSIGNED TO COMMITTEE EXECUTIVE FEB-04-2001 H ADDED AS A JOINT SPONSOR MADIGAN,MJ FEB-08-2001 H ADDED AS A CO-SPONSOR YARBROUGH FEB-08-2001 H ADDED AS A CO-SPONSOR JONES,LOU FEB-08-2001 H ADDED AS A CO-SPONSOR COLLINS FEB-08-2001 H ADDED AS A JOINT SPONSOR CAPPARELLI FEB-08-2001 H ADDED AS A JOINT SPONSOR MORROW MAR-01-2001 H AMENDMENT NO. 01-EXECUTIVE H MAR-01-2001 H ADOPTED MAR-01-2001 H REMAINS IN COMMITTEE EXECUTIVE MAR-15-2001 H AMENDMENT NO. 02-EXECUTIVE H MAR-15-2001 H ADOPTED MAR-15-2001 H DO PASS AS AMENDED/STANDARD DEBATE 007-006-000 HEXC MAR-15-2001 H PLACED CAL 2ND READING-STANDARD DEBATE MAR-20-2001 H ADDED AS A CO-SPONSOR SOTO MAR-20-2001 H ADDED AS A CO-SPONSOR DELGADO MAR-29-2001 H ADDED AS A JOINT SPONSOR DAVIS,MONIQUE MAR-29-2001 H ADDED AS A CO-SPONSOR MENDOZA APR-04-2001 H SECOND READING-STANDARD DEBATE APR-04-2001 H HELD CAL ORDER 2ND READING-STANDARD DBT APR-06-2001 H 3RD RDG. DEADLINE EXTENDED-RULE 9(B)- MAY 18, 2001 APR-06-2001 H HELD CAL ORDER 2ND READING-STANDARD DBT MAY-18-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary