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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1674
Introduced 2/9/2007, by Sen. Jacqueline Y. Collins SYNOPSIS AS INTRODUCED:
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Amends the Residential Mortgage License Act of 1987. Provides that the Department of Financial and Professional Regulation shall adopt rules as to the required yearly continuing education of loan originators. Provides that the Secretary of Financial and Professional Regulation shall approve all continuing education courses and the providers of continuing education courses. Provides that all continuing education courses and the providers of continuing education courses shall be subject to a review by a panel appointed by the Secretary. Specifies the number of members on the review panel. Provides that the Secretary shall consider the recommendations of the review panel prior to approving or disapproving continuing education courses or the providers of continuing education courses.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB1674 |
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LRB095 04901 MJR 24966 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Residential Mortgage License Act of 1987 is |
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| amended by adding Section 7-2 as follows:
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| (205 ILCS 635/7-2 new) |
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| Sec. 7-2. Continuing education required; course review. |
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| The Department of Financial and Professional Regulation shall |
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| adopt rules as to the required yearly continuing education of |
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| loan originators. All continuing education courses and the |
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| providers of continuing education courses shall be approved by |
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| the Secretary pursuant to this Section. Continuing education |
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| courses and the providers of continuing education courses shall |
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| be subject to a review by a panel appointed by the Secretary. |
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| The panel shall consist of no less than 5 persons appointed by |
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| the Secretary. Two of the members of the panel shall be |
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| representatives of major trade associations representing the |
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| mortgage industry. The Secretary shall consider the |
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| recommendations of the panel prior to approving or disapproving |
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| continuing education courses or the providers of continuing |
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| education courses.
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