Illinois General Assembly - Bill Status for HB 705

Amends the Residential Real Property Disclosure Act. Provides that a predatory lending database program shall be established within Cook, Kane, and Will counties (instead of Cook County). Provides that the inception date of the program as it applies to Kane and Will counties shall be July 1, 2010. Effective immediately.

Further amends the Residential Real Property Disclosure Act. Provides that the predatory lending database program shall be expanded to include Kane, Peoria, and Will counties (instead of providing that the predatory database program shall be established within Cook, Kane, and Will counties). Provides that the inception date of the expansion of the program to Kane, Peoria, and Will counties (instead of the inception date of the program as it applies to Kane and Will counties) shall be July 1, 2010. Provides that the Department of Financial and Professional Regulation shall submit semi-annual reports that include information by county for each reporting period. Adds to the information to be included in the reports: the number of licensed mortgage brokers and loan originators entering information into the database; the number of investigations based on information obtained from the database, including the number of licensees fined, the number of licenses suspended, and the number of licenses revoked; a summary of the non-traditional mortgage products offered; and a summary of how the Department is actively using the program to combat mortgage fraud.

Date	Chamber	Action
1/11/2011	House	Session Sine Die

Date	Chamber	Action
2/5/2009	House	Filed with the Clerk by Rep. Keith Farnham
2/5/2009	House	Chief Co-Sponsor Rep. Emily McAsey
2/6/2009	House	First Reading
2/6/2009	House	Referred to Rules Committee
2/9/2009	House	Added Chief Co-Sponsor Rep. Fred Crespo
2/11/2009	House	Assigned to Executive Committee
2/11/2009	House	Added Co-Sponsor Rep. Lisa M. Dugan
2/18/2009	House	Re-assigned to Counties & Townships Committee
2/18/2009	House	Added Co-Sponsor Rep. Careen M. Gordon
2/24/2009	House	Added Chief Co-Sponsor Rep. David E. Miller
3/2/2009	House	Added Co-Sponsor Rep. Jehan A. Gordon
3/12/2009	House	House Committee Amendment No. 1 Filed with Clerk by Counties & Townships Committee
3/12/2009	House	House Committee Amendment No. 1 Adopted in Counties & Townships Committee; by Voice Vote
3/12/2009	House	Do Pass as Amended / Short Debate Counties & Townships Committee; 009-000-000
3/12/2009	House	Placed on Calendar 2nd Reading - Short Debate
3/12/2009	House	Added Co-Sponsor Rep. Linda Chapa LaVia
3/18/2009	House	House Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Dennis M. Reboletti
3/19/2009	House	Added Co-Sponsor Rep. Jack McGuire
3/19/2009	House	Second Reading - Short Debate
3/19/2009	House	Held on Calendar Order of Second Reading - Short Debate
3/25/2009	House	Second Reading - Short Debate
3/25/2009	House	Held on Calendar Order of Second Reading - Short Debate
3/25/2009	House	House Committee Amendment No. 1 Fiscal Note Filed as Amended
3/26/2009	House	Second Reading - Short Debate
3/26/2009	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/31/2009	House	Remove Chief Co-Sponsor Rep. David E. Miller
4/1/2009	House	Added Co-Sponsor Rep. Al Riley
4/1/2009	House	Third Reading - Short Debate - Passed 098-017-000
4/2/2009	Senate	Arrive in Senate
4/2/2009	Senate	Placed on Calendar Order of First Reading
4/2/2009	Senate	Chief Senate Sponsor Sen. David Koehler
4/2/2009	Senate	First Reading
4/2/2009	Senate	Referred to Assignments
4/22/2009	Senate	Assigned to Financial Institutions
4/29/2009	Senate	Added as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
4/30/2009	Senate	Held in Financial Institutions
5/7/2009	Senate	Held in Financial Institutions
5/8/2009	Senate	Rule 3-9(a) / Re-referred to Assignments
5/26/2009	Senate	Rule 2-10 Third Reading Deadline Established As May 31, 2009
1/11/2011	House	Session Sine Die

	Fiscal Note, House Committee Amendment No. 1 (Financial & Professional Regulation)
	HB 705 (H-AM 1) will have a fiscal impact of approximately $648,000 to the Illinois Department of Financial and Professional Regulation. The Department will be required to hire an additional four positions to meet this new mandate. The additional funding for this mandate is not included in the FY10 budget proposal, and will be required to meet the proposed statutory changes.