Bill Text: IL SB2615 | 2017-2018 | 100th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Residential Mortgage License Act of 1987. Provides that mortgage loan advertisements must reference the Nationwide Multistate Licensing System and Registry's Consumer Access website, except where exempted by the Secretary of Financial and Professional Regulation. Provides that a licensee shall not advertise its services in Illinois in any media, whether print or electronic, without including its unique identifier. Replaces "Commissioner" with "Secretary" in order to update references to the Secretary of Financial and Professional Regulation. Makes other changes. Effective immediately.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2018-08-10 - Public Act . . . . . . . . . 100-0795; [SB2615 Detail]
Download: Illinois-2017-SB2615-Enrolled.html
Bill Title: Amends the Residential Mortgage License Act of 1987. Provides that mortgage loan advertisements must reference the Nationwide Multistate Licensing System and Registry's Consumer Access website, except where exempted by the Secretary of Financial and Professional Regulation. Provides that a licensee shall not advertise its services in Illinois in any media, whether print or electronic, without including its unique identifier. Replaces "Commissioner" with "Secretary" in order to update references to the Secretary of Financial and Professional Regulation. Makes other changes. Effective immediately.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2018-08-10 - Public Act . . . . . . . . . 100-0795; [SB2615 Detail]
Download: Illinois-2017-SB2615-Enrolled.html
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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Residential Mortgage License Act of 1987 is | ||||||
| 5 | amended by changing Section 3-3 as follows:
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| 6 | (205 ILCS 635/3-3) (from Ch. 17, par. 2323-3)
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| 7 | Sec. 3-3. Advertising. In addition to such other rules, | ||||||
| 8 | regulations
and policies as the Secretary Commissioner may | ||||||
| 9 | adopt promulgate to effectuate the purpose of
this Act, the | ||||||
| 10 | Secretary Commissioner shall adopt rules prescribe regulations | ||||||
| 11 | governing the
advertising of mortgage loans, including without | ||||||
| 12 | limitation, the following
requirements:
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| 13 | (a) Advertising for loans transacted under this Act may not | ||||||
| 14 | be false,
misleading, or deceptive. No entity whose activities | ||||||
| 15 | are regulated under
this Act may advertise in any manner so as | ||||||
| 16 | to indicate or imply that its
interest rates or charges for | ||||||
| 17 | loans are in any way "recommended", "approved",
"set", or | ||||||
| 18 | "established" by the State or by this Act. The Secretary | ||||||
| 19 | Commissioner may issue
a cease and desist order for any | ||||||
| 20 | violation of this Section.
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| 21 | (b) Mortgage loan advertisements must reference the | ||||||
| 22 | Nationwide Multistate Licensing System and Registry's Consumer | ||||||
| 23 | Access website, except where exempted by the Secretary. All | ||||||
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| 1 | advertisements by a licensee shall contain the name and an
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| 2 | office address of such entity, which shall conform to a name | ||||||
| 3 | and address on
record with the Commissioner.
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| 4 | (c) No licensee shall advertise its services in Illinois in | ||||||
| 5 | any media,
whether print or electronic, without including its | ||||||
| 6 | unique identifier the words "Illinois Residential
Mortgage | ||||||
| 7 | Licensee".
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| 8 | (Source: P.A. 87-1098.)
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| 9 | Section 99. Effective date. This Act takes effect upon | ||||||
| 10 | becoming law.
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