IL HB5331 | 2013-2014 | 98th General Assembly
Status
Completed Legislative Action
Sponsorship: Partisan Bill (Democrat 4)
Status: Failed on November 21 2014 - 100% progression
Action: 2014-11-21 - Total Veto Stands - No Positive Action Taken
Text: Latest bill text (Veto Message) [HTML]
Sponsorship: Partisan Bill (Democrat 4)
Status: Failed on November 21 2014 - 100% progression
Action: 2014-11-21 - Total Veto Stands - No Positive Action Taken
Text: Latest bill text (Veto Message) [HTML]
Summary
Amends the Residential Mortgage License Act of 1987. From the definition of "exempt person or entity", deletes pension trusts, bank trusts, and bank trust companies. Provides that an applicant for a residential mortgage license that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements. Provides that the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements. Makes changes concerning which financial statements are required under the Act. Makes other changes. Amends the Residential Real Property Disclosure Act. Throughout the Act, changes references to "HUD-certified counseling" to "HUD-approved counseling". Provides that certain deadlines are counted by business days rather than calendar days. Provides that it is the borrower's responsibility to (rather than "the borrower shall") select a HUD-approved counseling agency. Provides that the selection must take place and the appointment for the interview must be set within 10 business days, although the interview may take place beyond the 10 business day period. Provides that if a lis pendens is recorded, it may be filed with the Department of Financial and Professional Regulation either electronically or by filing a hard copy. Provides that all information entered into the predatory lending database must be true and correct to the best of the originator's knowledge. Provides that the originator shall, prior to closing, correct, update, or amend the data as necessary. Provides that if any corrections become necessary after the file has been accessed by the closing agent or housing counselor, a new file must be entered. Changes the predatory lending database pilot program to the predatory lending database program. Provides if certain exemptions to certain filing and reporting requirements apply, a certificate of exemption is required. Adds to the list of exemptions to the predatory lending database program mortgages secured by certain types of property and mortgages originated by an exempt person or entity. Effective immediately.
Title
MORTGAGE LIC/PROP DISCLOSURE
Sponsors
Roll Calls
2014-05-30 - House - Concurrence in House (Y: 100 N: 10 NV: 1 Abs: 2) [PASS]
2014-05-15 - Senate - Third Reading in Senate (Y: 48 N: 7 NV: 4 Abs: 0) [PASS]
2014-04-08 - House - Third Reading in House (Y: 114 N: 0 NV: 0 Abs: 0) [PASS]
2014-05-15 - Senate - Third Reading in Senate (Y: 48 N: 7 NV: 4 Abs: 0) [PASS]
2014-04-08 - House - Third Reading in House (Y: 114 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2014-11-21 | House | Total Veto Stands - No Positive Action Taken |
| 2014-11-17 | House | Motion Filed Override Governor Veto Rep. Michael J. Zalewski |
| 2014-11-06 | House | Placed on Calendar Total Veto November 6, 2014 |
| 2014-08-25 | House | Governor Vetoed |
| 2014-06-27 | House | Sent to the Governor |
| 2014-05-30 | House | Added Chief Co-Sponsor Rep. Camille Y. Lilly |
| 2014-05-30 | House | Passed Both Houses |
| 2014-05-30 | House | House Concurs |
| 2014-05-30 | House | Senate Floor Amendment No. 1 House Concurs 100-010-001 |
| 2014-05-28 | House | Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Business & Occupational Licenses Committee; 012-000-000 |
| 2014-05-28 | House | Added Chief Co-Sponsor Rep. Marcus C. Evans, Jr. |
| 2014-05-28 | House | Senate Floor Amendment No. 1 Motion to Concur Rules Referred to Business & Occupational Licenses Committee |
| 2014-05-19 | House | Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee |
| 2014-05-19 | House | Senate Floor Amendment No. 1 Motion Filed Concur Rep. Michael J. Zalewski |
| 2014-05-15 | House | Placed on Calendar Order of Concurrence Senate Amendment(s) 1 |
| 2014-05-15 | House | Arrived in House |
| 2014-05-15 | Senate | Third Reading - Passed; 048-007-001 |
| 2014-05-15 | Senate | Placed on Calendar Order of 3rd Reading |
| 2014-05-15 | Senate | Senate Floor Amendment No. 1 Adopted; Muñoz |
| 2014-05-15 | Senate | Recalled to Second Reading |
| 2014-05-14 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Executive; 013-002-000 |
| 2014-05-14 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Executive |
| 2014-05-14 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 2014-05-14 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz |
| 2014-05-13 | Senate | Alternate Chief Sponsor Changed to Sen. Antonio Muñoz |
| 2014-05-08 | Senate | Placed on Calendar Order of 3rd Reading May 12, 2014 |
| 2014-05-08 | Senate | Second Reading |
| 2014-05-07 | Senate | Placed on Calendar Order of 2nd Reading May 8, 2014 |
| 2014-05-07 | Senate | Do Pass Financial Institutions; 007-000-000 |
| 2014-04-23 | Senate | Assigned to Financial Institutions |
| 2014-04-09 | Senate | Referred to Assignments |
| 2014-04-09 | Senate | First Reading |
| 2014-04-08 | Senate | Chief Senate Sponsor Sen. Jacqueline Y. Collins |
| 2014-04-08 | Senate | Placed on Calendar Order of First Reading April 9, 2014 |
| 2014-04-08 | Senate | Arrive in Senate |
| 2014-04-08 | House | Third Reading - Short Debate - Passed 114-000-000 |
| 2014-04-07 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2014-04-07 | House | House Floor Amendment No. 2 Adopted |
| 2014-04-07 | House | Second Reading - Short Debate |
| 2014-04-07 | House | House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 005-000-000 |
| 2014-03-27 | House | House Floor Amendment No. 2 Referred to Rules Committee |
| 2014-03-27 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski |
| 2014-03-27 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2014-03-26 | House | House Committee Amendment No. 1 Tabled Pursuant to Rule 40 |
| 2014-03-26 | House | Do Pass / Short Debate Business & Occupational Licenses Committee; 010-000-000 |
| 2014-03-21 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2014-03-21 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski |
| 2014-03-13 | House | Assigned to Business & Occupational Licenses Committee |
| 2014-02-10 | House | Referred to Rules Committee |
| 2014-02-10 | House | First Reading |
| 2014-02-07 | House | Filed with the Clerk by Rep. Michael J. Zalewski |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 205 | 635 | 1-4 | Amended Code | Citation Text |
| 205 | 635 | 2-2 | Amended Code | Citation Text |
| 205 | 635 | 2-4 | Amended Code | Citation Text |
| 205 | 635 | 3-2 | Amended Code | Citation Text |
| 765 | 77 | 70 | Amended Code | Citation Text |
| 765 | 77 | 72 | Amended Code | Citation Text |
| 765 | 77 | 74 | Amended Code | Citation Text |
| 765 | 77 | 76 | Amended Code | Citation Text |
| 765 | 77 | 78 | Amended Code | Citation Text |
| 765 | 77 | 80 | Amended Code | Citation Text |
