Bill Title: Amends the Residential Mortgage License Act of 1987. Provides for a list of specified activities that constitute violations of the Act (rather than a list of required averments that must be attached to an application for a license under the Act). Provides that a licensee filing a Mortgage Call Report is not required to file a report of applicable annual activities with the Secretary of Financial and Professional Regulation. Provides that specified licensee disclosures do not apply to any licensee providing notices of changes in loan terms pursuant to the federal Consumer Financial Protection Bureau's Know Before You Owe mortgage disclosure procedure (rather than excluding licensees limited to solicit residential mortgage loan applications as approved by the Secretary of Financial and Professional Regulation). Makes conforming changes. Repeals provisions concerning a requirement that the Secretary of Financial and Professional Regulation conduct, as part of an examination of each licensee, a review of the licensee's loan delinquency data. Replaces "Commissioner" with "Secretary" in order to update references to the Secretary of Financial and Professional Regulation. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Passed) 2018-12-19 - Public Act . . . . . . . . . 100-1153 [HB5542 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Mark Batinick [R]	Primary	Sponsored Bills	HD-097	FollowTheMoney	Ballotpedia	VoteSmart
Representative Nicholas Sauer [R]	Cosponsor	Sponsored Bills	HD-051	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jay Hoffman [D]	Cosponsor	Sponsored Bills	HD-113	FollowTheMoney	Ballotpedia	VoteSmart
Representative Latoya Greenwood [D]	Cosponsor	Sponsored Bills	HD-114	FollowTheMoney	Ballotpedia	VoteSmart
Representative Katie Stuart [D]	Cosponsor	Sponsored Bills	HD-112	FollowTheMoney	Ballotpedia	VoteSmart
Senator Chuck Weaver [R]	Primary	Sponsored Bills	SD-037	FollowTheMoney	Ballotpedia	VoteSmart
Senator Michael Connelly [R]	Cosponsor	Sponsored Bills	SD-021	FollowTheMoney	Ballotpedia	VoteSmart

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