Illinois House Bill 5968 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 11 2016 - 25% progression, died in committee
Action: 2016-04-22 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Residential Mortgage License Act of 1987. Provides that an entity engaged solely in independent loan processing or underwriting is exempted from certain licensing requirements. Provides that those entities engaged solely in independent loan processing or underwriting shall submit an annual application for registration as an exempt entity with the Department of Financial and Professional Regulation through the Nationwide Mortgage Licensing System and Registry and comply with specific requirements. Adds those entities to the definition of "exempt person or entity". Excludes independent loan processing or underwriting from the definition of "loan brokering", "brokering", or "brokerage services". Excludes independent loan processing or underwriting from the definition of "originating". Defines "independent loan processing or underwriting". Effective immediately.

MORTGAGE LOAN PROCESSING

Rep. Margo McDermed [R]

Date	Chamber	Action
2016-04-22	House	Rule 19(a) / Re-referred to Rules Committee
2016-04-08	House	Committee Deadline Extended-Rule 9(b) April 22, 2016
2016-03-23	House	Assigned to Executive Committee
2016-02-11	House	Referred to Rules Committee
2016-02-11	House	First Reading
2016-02-11	House	Filed with the Clerk by Rep. Margo McDermed

Chapter	Article	Section	Citation Type	Statute Text
205	635	1-3	Amended Code	Citation Text
205	635	1-4	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5968&GAID=13&DocTypeID=HB&SessionID=88&GA=99
Text	https://www.ilga.gov/legislation/99/HB/09900HB5968.htm