(765 ILCS 77/74) Sec. 74. Counselor; required information. As part of the predatory lending database program, a counselor must submit all of the following information for inclusion in the predatory lending database: (1) The information called for in items (1), (6), (9), (11), (12), (13), (14), (15), |
| (16), (17), and (18) of Section 72.
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(2) Any information from the borrower that confirms or contradicts the information
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| called for under item (1) of this Section.
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(3) The name of the counselor and address of the HUD-approved housing counseling agency
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| that employs the counselor.
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(4) Information pertaining to the borrower's monthly expenses that assists the counselor
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| in determining whether the borrower can afford the loans or loans for which the borrower is applying.
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(5) A list of the disclosures furnished to the borrower, as seen and reviewed by the
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| counselor, and a comparison of that list to all disclosures required by law.
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(6) Whether the borrower provided tax returns to the broker or originator or to the
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| counselor, and, if so, who prepared the tax returns.
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(7) A statement of the recommendations of the counselor that indicates the counselor's
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| response to each of the following statements:
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(A) The loan should not be approved due to indicia of fraud.
(B) The loan should be approved; no material problems noted.
(C) The borrower cannot afford the loan.
(D) The borrower does not understand the transaction.
(E) The borrower does not understand the costs associated with the transaction.
(F) The borrower's monthly income and expenses have been reviewed and disclosed.
(G) The rate of the loan is above market rate.
(H) The borrower should seek a competitive bid from another broker or originator.
(I) There are discrepancies between the borrower's verbal understanding and the
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| originator's completed form.
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(J) The borrower is precipitously close to not being able to afford the loan.
(K) The borrower understands the true cost of debt consolidation and the need for
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(L) The information that the borrower provided the originator has been amended by
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(Source: P.A. 97-813, eff. 7-13-12; 98-1081, eff. 1-1-15.)
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