Bill Title: 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 "soliciting, processing, placing, or negotiating a residential mortgage loan", "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.
Sponsorship: Partisan Bill (Republican 1)
Status: (Failed) 2019-01-08 - Session Sine Die
[HB0527 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2017-01-24 | HTML/Text | Link | View |
Amendments
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois HB0527 currently on file. |
