093_HB2382ham001

 










                                     LRB093 09194 JLS 12567 a

 1                    AMENDMENT TO HOUSE BILL 2382

 2        AMENDMENT NO.     .  Amend House Bill 2382  by  replacing
 3    the title with the following:

 4        "AN ACT concerning home loans."; and

 5    by  replacing  everything  after the enacting clause with the
 6    following:

 7        "Section 5.  The Residential Mortgage License Act of 1987
 8    is amended by adding Section 5-10 as follows:

 9        (205 ILCS 635/5-10 new)
10        Sec. 5-10.  Disbursement of loan proceeds; limitation. No
11    licensee making a residential mortgage  loan  shall  pay  the
12    proceeds  of  the loan to a home improvement contractor other
13    than:
14             (1)  by an instrument payable solely to the borrower
15        or borrowers; or
16             (2)  at the election of the  borrower  or  borrowers
17        through a third-party escrow agent in accordance with the
18        terms  established  in  a written agreement signed by the
19        borrower or borrowers and the  contractor  prior  to  the
20        disbursement.".