Bill Sponsors: IL HB5542 | 2017-2018 | 100th General Assembly

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]


Representative Mark Batinick [R]PrimarySponsored BillsHD-097FollowTheMoneyBallotpediaVoteSmart
Representative Nicholas Sauer [R]CosponsorSponsored BillsHD-051FollowTheMoneyBallotpediaVoteSmart
Representative Jay Hoffman [D]CosponsorSponsored BillsHD-113FollowTheMoneyBallotpediaVoteSmart
Representative Latoya Greenwood [D]CosponsorSponsored BillsHD-114FollowTheMoneyBallotpediaVoteSmart
Representative Katie Stuart [D]CosponsorSponsored BillsHD-112FollowTheMoneyBallotpediaVoteSmart
Senator Chuck Weaver [R]PrimarySponsored BillsSD-037FollowTheMoneyBallotpediaVoteSmart
Senator Michael Connelly [R]CosponsorSponsored BillsSD-021FollowTheMoneyBallotpediaVoteSmart

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