Bill Text: IL HB4521 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Residential Mortgage License Act of 1987. Defines "loan modification" and "short sale facilitation". Authorizes the Director of the Division of Banking of the Department of Financial and Professional Regulation to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry. Provides that residential mortgage license applicants may be required to furnish information to the Nationwide Mortgage Licensing System and Registry. Provides that each application for a license or for the renewal of a license shall be accompanied by an averment stating that the applicant will not charge or collect advance payments from borrowers or homeowners for engaging in loan modification or short sale facilitation. Amends the Residential Real Property Disclosure Act. Provides that, for each loan, a broker or loan originator must submit information concerning the borrower's debt to income ratio for inclusion in the predatory lending database. Effective immediately, except that certain provisions take effect on January 1, 2013.
Sponsorship: Partisan Bill (Democrat 11)
Status: (Passed) 2012-08-03 - Public Act . . . . . . . . . 97-0891 [HB4521 Detail]
Download: Illinois-2011-HB4521-Amended.html
Bill Title: Amends the Residential Mortgage License Act of 1987. Defines "loan modification" and "short sale facilitation". Authorizes the Director of the Division of Banking of the Department of Financial and Professional Regulation to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry. Provides that residential mortgage license applicants may be required to furnish information to the Nationwide Mortgage Licensing System and Registry. Provides that each application for a license or for the renewal of a license shall be accompanied by an averment stating that the applicant will not charge or collect advance payments from borrowers or homeowners for engaging in loan modification or short sale facilitation. Amends the Residential Real Property Disclosure Act. Provides that, for each loan, a broker or loan originator must submit information concerning the borrower's debt to income ratio for inclusion in the predatory lending database. Effective immediately, except that certain provisions take effect on January 1, 2013.
Sponsorship: Partisan Bill (Democrat 11)
Status: (Passed) 2012-08-03 - Public Act . . . . . . . . . 97-0891 [HB4521 Detail]
Download: Illinois-2011-HB4521-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 4521
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| 2 | AMENDMENT NO. ______. Amend House Bill 4521 on page 58, by | ||||||
| 3 | replacing lines 25 and 26 with the following:
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| 4 | "Section 99. Effective date. This Act takes effect upon | ||||||
| 5 | becoming law, except that Section 15 takes effect on January 1, | ||||||
| 6 | 2013.".
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