Illinois General Assembly

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 Bill Status of SB1667  98th General Assembly


Short Description:  MORTGAGE-LICENSE EXEMPTION

Senate Sponsors
Sen. Jacqueline Y. Collins - Pamela J. Althoff - Michael E. Hastings - Tim Bivins, Sue Rezin, Jason A. Barickman, Karen McConnaughay, Melinda Bush and William E. Brady

House Sponsors
(Rep. Maria Antonia Berrios - Rich Brauer - Monique D. Davis, André M. Thapedi, David R. Leitch, Keith P. Sommer and Dan Brady)

Last Action
DateChamber Action
  8/16/2013SenatePublic Act . . . . . . . . . 98-0492

Statutes Amended In Order of Appearance
205 ILCS 635/1-3from Ch. 17, par. 2321-3


Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that persons exempt from licensure as a federally chartered savings bank registered with the Nationwide Mortgage Licensing System and Registry may apply for an exempt company registration for the purpose of sponsoring one or more individuals subject to the mortgage loan originator licensing requirements of the Act. Establishes requirements for exempt company registration and denial, suspension, or revocation of the registration. Effective immediately.

Senate Floor Amendment No. 1
Adds reference to:
205 ILCS 635/4-2from Ch. 17, par. 2324-2
205 ILCS 635/7-15 new

Replaces everything after the enacting clause. Reinserts the language of the introduced bill. Changes references from "Commissioner" to "Secretary". Provides that an exempt entity under the Act shall cooperate with the Secretary of the Department of Financial and Professional Regulation in the examination and investigation of its sponsored and licensed mortgage loan originators. Provides that the activities requiring a licensee of a mortgage loan originator that are sponsored by an exempt entity under the Act are subject to examination and investigation by the Secretary. Effective immediately.

Actions 
DateChamber Action
  2/13/2013SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  2/13/2013SenateFirst Reading
  2/13/2013SenateReferred to Assignments
  2/19/2013SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff
  2/27/2013SenateAssigned to Financial Institutions
  3/1/2013SenateAdded as Chief Co-Sponsor Sen. Michael E. Hastings
  3/5/2013SenateAdded as Chief Co-Sponsor Sen. Tim Bivins
  3/6/2013SenateAdded as Co-Sponsor Sen. Sue Rezin
  3/6/2013SenatePostponed - Financial Institutions
  3/19/2013SenateAdded as Co-Sponsor Sen. Jason A. Barickman
  3/20/2013SenateDo Pass Financial Institutions; 008-000-000
  3/20/2013SenatePlaced on Calendar Order of 2nd Reading March 21, 2013
  3/21/2013SenateAdded as Co-Sponsor Sen. Karen McConnaughay
  4/15/2013SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
  4/15/2013SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/16/2013SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
  4/17/2013SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 009-000-000
  4/17/2013SenateAdded as Co-Sponsor Sen. Melinda Bush
  4/18/2013SenateSecond Reading
  4/18/2013SenateSenate Floor Amendment No. 1 Adopted; Collins
  4/18/2013SenatePlaced on Calendar Order of 3rd Reading April 23, 2013
  4/23/2013SenateAdded as Co-Sponsor Sen. William E. Brady
  4/23/2013SenateThird Reading - Passed; 054-000-000
  4/24/2013HouseArrived in House
  4/30/2013HouseChief House Sponsor Rep. Maria Antonia Berrios
  4/30/2013HouseFirst Reading
  4/30/2013HouseReferred to Rules Committee
  4/30/2013HouseAssigned to Financial Institutions Committee
  5/1/2013HouseAdded Alternate Chief Co-Sponsor Rep. Rich Brauer
  5/2/2013HouseAdded Alternate Co-Sponsor Rep. André M. Thapedi
  5/7/2013HouseAdded Alternate Co-Sponsor Rep. David R. Leitch
  5/7/2013HouseDo Pass / Short Debate Financial Institutions Committee; 011-000-000
  5/8/2013HousePlaced on Calendar 2nd Reading - Short Debate
  5/8/2013HouseAdded Alternate Chief Co-Sponsor Rep. Monique D. Davis
  5/8/2013HouseAlternate Chief Co-Sponsor Changed to Rep. Monique D. Davis
  5/9/2013HouseSecond Reading - Short Debate
  5/9/2013HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/15/2013HouseAdded Alternate Co-Sponsor Rep. Keith P. Sommer
  5/23/2013HouseThird Reading - Short Debate - Passed 107-004-002
  5/23/2013HouseAdded Alternate Co-Sponsor Rep. Dan Brady
  5/23/2013SenatePassed Both Houses
  6/21/2013SenateSent to the Governor
  8/16/2013SenateGovernor Approved
  8/16/2013SenateEffective Date August 16, 2013
  8/16/2013SenatePublic Act . . . . . . . . . 98-0492

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