IL SB1281 | 2015-2016 | 99th General Assembly
Status
Spectrum: Moderate Partisan Bill (Democrat 9-1)
Status: Vetoed on November 10 2016 - 100% progression
Action: 2016-11-30 - Bill Dead - Amendatory Veto
Text: Latest bill text (Veto Message) [HTML]
Status: Vetoed on November 10 2016 - 100% progression
Action: 2016-11-30 - Bill Dead - Amendatory Veto
Text: Latest bill text (Veto Message) [HTML]
Summary
Amends the Illinois Act on the Aging. Provides that the Department on Aging has the power and duty to develop the content and format of a statement regarding non-recourse reverse mortgage loans under a specified provision of the Illinois Banking Act. Provides that the statement shall provide independent consumer information regarding the potential benefits and risks associated with non-recourse reverse mortgages, potential alternatives to non-recourse reverse mortgages, and the availability of independent counseling services, including services provided by nonprofit agencies certified by the federal government to provide required counseling for non-recourse reverse mortgages insured by the federal government. Amends the Illinois Banking Act. Provides that a reverse mortgage may be subject to any additional terms and conditions imposed by a lender that are required under the provisions of the federal Housing and Community Development Act of 1987 to enable the lender to obtain federal government insurance on mortgage borrowers 62 years of age or older if the loans are to be insured under that Act. Makes changes to provisions concerning the definition of a "reverse mortgage" and other definitions, repayment obligations under a reverse mortgage, disclosure requirements, restrictions on cross-selling, and certification requirements. Repeals a provision that regulated reverse mortgages. Amends the Savings Bank Act. Repeals a provision concerning reverse mortgage disclosures. Amends the Illinois Credit Union Act. Removes a provision concerning credit unions making reverse mortgages. Removes the definition of "real estate". Amends the Residential Mortgage License Act of 1987. Makes corresponding changes requiring licensees to follow the requirements of the Illinois Banking Act.
Title
REVERSE MORTGAGE ACT
Sponsors
Roll Calls
2015-05-31 - Senate - Concurrence in Senate (Y: 54 N: 0 NV: 5 Abs: 0) [PASS]
2015-05-30 - House - Third Reading in House (Y: 112 N: 0 NV: 1 Abs: 0) [PASS]
2015-04-29 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
2015-05-30 - House - Third Reading in House (Y: 112 N: 0 NV: 1 Abs: 0) [PASS]
2015-04-29 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2016-11-30 | Senate | Bill Dead - Amendatory Veto |
| 2016-11-15 | Senate | Placed on Calendar Amendatory Veto November 16, 2016 |
| 2016-11-10 | Senate | Governor Amendatory Veto |
| 2016-09-12 | Senate | Sent to the Governor |
| 2016-09-12 | Senate | Passed Both Houses |
| 2016-09-12 | Senate | Motion Withdrawn Sen. John J. Cullerton |
| 2015-05-31 | Senate | Motion Filed to Reconsider Vote Sen. John J. Cullerton |
| 2015-05-31 | Senate | Senate Concurs 054-000-000 |
| 2015-05-31 | Senate | House Floor Amendment No. 2 Senate Concurs 054-000-000 |
| 2015-05-31 | Senate | House Floor Amendment No. 2 Motion to Concur Be Approved for Consideration Assignments |
| 2015-05-31 | Senate | Added as Co-Sponsor Sen. Wm. Sam McCann |
| 2015-05-31 | Senate | House Floor Amendment No. 2 Motion to Concur Referred to Assignments |
| 2015-05-31 | Senate | House Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Linda Holmes |
| 2015-05-30 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 2 - May 31, 2015 |
| 2015-05-30 | Senate | Secretary's Desk - Concurrence House Amendment(s) 2 |
| 2015-05-30 | Senate | Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins |
| 2015-05-30 | Senate | Chief Sponsor Changed to Sen. Linda Holmes |
| 2015-05-30 | House | Third Reading - Short Debate - Passed 112-000-000 |
| 2015-05-30 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2015-05-30 | House | House Floor Amendment No. 2 Adopted |
| 2015-05-30 | House | House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 005-000-000 |
| 2015-05-30 | House | House Floor Amendment No. 2 Referred to Rules Committee |
| 2015-05-30 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Jay Hoffman |
| 2015-05-29 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2015-05-29 | House | Second Reading - Short Debate |
| 2015-05-29 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2015-05-29 | House | House Committee Amendment No. 1 Tabled Pursuant to Rule 40 |
| 2015-05-29 | House | Do Pass / Short Debate Labor & Commerce Committee; 025-000-000 |
| 2015-05-29 | House | Alternate Chief Sponsor Changed to Rep. Jay Hoffman |
| 2015-05-29 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2015-05-29 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Jay Hoffman |
| 2015-05-29 | House | Motion Prevailed |
| 2015-05-29 | House | Motion Filed to Suspend Rule 21 Labor & Commerce Committee; Rep. Barbara Flynn Currie |
| 2015-05-29 | House | Assigned to Labor & Commerce Committee |
| 2015-05-29 | House | Final Action Deadline Extended-9(b) May 31, 2015 |
| 2015-05-04 | House | Added Alternate Chief Co-Sponsor Rep. La Shawn K. Ford |
| 2015-04-29 | House | Referred to Rules Committee |
| 2015-04-29 | House | First Reading |
| 2015-04-29 | House | Chief House Sponsor Rep. Arthur Turner |
| 2015-04-29 | House | Arrived in House |
| 2015-04-29 | Senate | Third Reading - Passed; 053-000-000 |
| 2015-04-29 | Senate | Placed on Calendar Order of 3rd Reading |
| 2015-04-29 | Senate | Senate Floor Amendment No. 1 Adopted; Collins |
| 2015-04-29 | Senate | Recalled to Second Reading |
| 2015-04-29 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000 |
| 2015-04-28 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions |
| 2015-04-24 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2015 |
| 2015-04-23 | Senate | Added as Co-Sponsor Sen. David Koehler |
| 2015-04-23 | Senate | Added as Co-Sponsor Sen. Napoleon Harris, III |
| 2015-04-23 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 2015-04-23 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins |
| 2015-04-21 | Senate | Placed on Calendar Order of 3rd Reading April 22, 2015 |
| 2015-04-21 | Senate | Second Reading |
| 2015-03-25 | Senate | Placed on Calendar Order of 2nd Reading March 26, 2015 |
| 2015-03-25 | Senate | Do Pass Financial Institutions; 009-000-000 |
| 2015-03-17 | Senate | Added as Chief Co-Sponsor Sen. Emil Jones, III |
| 2015-03-12 | Senate | Added as Chief Co-Sponsor Sen. Kimberly A. Lightford |
| 2015-03-11 | Senate | Added as Chief Co-Sponsor Sen. Patricia Van Pelt |
| 2015-02-25 | Senate | Assigned to Financial Institutions |
| 2015-02-18 | Senate | Referred to Assignments |
| 2015-02-18 | Senate | First Reading |
| 2015-02-18 | Senate | Filed with Secretary by Sen. Jacqueline Y. Collins |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 20 | 105 | 4.01 | Amended Code | Citation Text |
| 205 | 205 | 1010 | Repealed Code | Citation Text |
| 205 | 305 | 46 | Amended Code | Citation Text |
| 205 | 305 | 46.1 | Amended Code | Citation Text |
| 205 | 305 | 46.2 | Repealed Code | Citation Text |
| 205 | 5 | 5a | Repealed Code | Citation Text |
| 205 | 5 | 6.1 | Amended Code | Citation Text |
| 205 | 5 | 6.2 | Amended Code | Citation Text |
| 205 | 5 | 6.3 | New Code | See Bill Text |
| 205 | 5 | 6.4 | New Code | See Bill Text |
| 205 | 5 | 6.5 | New Code | See Bill Text |
| 205 | 5 | 6.6 | New Code | See Bill Text |
| 205 | 5 | 6.7 | New Code | See Bill Text |
| 205 | 5 | 6.8 | New Code | See Bill Text |
| 205 | 635 | 5-5 | Amended Code | Citation Text |
