Bill Amendment: IL HB0527 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: MORTGAGE LOAN PROCESSING

Status: 2019-01-08 - Session Sine Die [HB0527 Detail]

Download: Illinois-2017-HB0527-House_Amendment_001.html

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Rep. Margo McDermed

Filed: 3/14/2017

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AMENDMENT TO HOUSE BILL 527
AMENDMENT NO. ______. Amend House Bill 527 as follows:
on page 1, line 5, by replacing "1-3 and 1-4" with "1-3, 1-4,
and 3-3"; and
on page 25, immediately below line 25, by inserting the
following:
"(205 ILCS 635/3-3) (from Ch. 17, par. 2323-3)
Sec. 3-3. Advertising. In addition to such other rules,
regulations and policies as the Secretary Commissioner may
adopt promulgate to effectuate the purpose of this Act, the
Secretary Commissioner shall adopt rules prescribe regulations
governing the advertising of mortgage loans, including without
limitation, the following requirements:
(a) Advertising for loans transacted under this Act may
not be false, misleading, or deceptive. No entity whose

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activities are regulated under this Act may advertise in
any manner so as to indicate or imply that its interest
rates or charges for loans are in any way "recommended",
"approved", "set", or "established" by the State or by this
Act. The Secretary Commissioner may issue a cease and
desist order for any violation of this Section.
(b) Mortgage loan advertisements must reference the
Nationwide Mortgage Licensing System and Registry's
Consumer Access website, except where exempted by the
Secretary. All advertisements by a licensee shall contain
the name and an office address of such entity, which shall
conform to a name and address on record with the
Commissioner.
(c) No licensee shall advertise its services in
Illinois in any media, whether print or electronic, without
the words "Illinois Residential Mortgage Licensee".
(Source: P.A. 87-1098.)".