Bill Status of HB 705   96th General Assembly


Short Description:  PREDATORY LEND DATA-KANE WILL

House Sponsors
Rep. Keith Farnham-Emily McAsey-Fred Crespo, Lisa M. Dugan, Careen M. Gordon, Jehan A. Gordon, Linda Chapa LaVia, Jack McGuire and Al Riley

Senate Sponsors
(Sen. David Koehler-Jacqueline Y. Collins)


Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
765 ILCS 77/70

Synopsis As Introduced
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.

House Committee Amendment No. 1
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.

 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.

Actions 
DateChamber Action
  2/5/2009HouseFiled with the Clerk by Rep. Keith Farnham
  2/5/2009HouseChief Co-Sponsor Rep. Emily McAsey
  2/6/2009HouseFirst Reading
  2/6/2009HouseReferred to Rules Committee
  2/9/2009HouseAdded Chief Co-Sponsor Rep. Fred Crespo
  2/11/2009HouseAssigned to Executive Committee
  2/11/2009HouseAdded Co-Sponsor Rep. Lisa M. Dugan
  2/18/2009HouseRe-assigned to Counties & Townships Committee
  2/18/2009HouseAdded Co-Sponsor Rep. Careen M. Gordon
  2/24/2009HouseAdded Chief Co-Sponsor Rep. David E. Miller
  3/2/2009HouseAdded Co-Sponsor Rep. Jehan A. Gordon
  3/12/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Counties & Townships Committee
  3/12/2009HouseHouse Committee Amendment No. 1 Adopted in Counties & Townships Committee; by Voice Vote
  3/12/2009HouseDo Pass as Amended / Short Debate Counties & Townships Committee; 009-000-000
  3/12/2009HousePlaced on Calendar 2nd Reading - Short Debate
  3/12/2009HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  3/18/2009HouseHouse Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Dennis M. Reboletti
  3/19/2009HouseAdded Co-Sponsor Rep. Jack McGuire
  3/19/2009HouseSecond Reading - Short Debate
  3/19/2009HouseHeld on Calendar Order of Second Reading - Short Debate
  3/25/2009HouseSecond Reading - Short Debate
  3/25/2009HouseHeld on Calendar Order of Second Reading - Short Debate
  3/25/2009HouseHouse Committee Amendment No. 1 Fiscal Note Filed as Amended
  3/26/2009HouseSecond Reading - Short Debate
  3/26/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/31/2009HouseRemove Chief Co-Sponsor Rep. David E. Miller
  4/1/2009HouseAdded Co-Sponsor Rep. Al Riley
  4/1/2009HouseThird Reading - Short Debate - Passed 098-017-000
  4/2/2009SenateArrive in Senate
  4/2/2009SenatePlaced on Calendar Order of First Reading
  4/2/2009SenateChief Senate Sponsor Sen. David Koehler
  4/2/2009SenateFirst Reading
  4/2/2009SenateReferred to Assignments
  4/22/2009SenateAssigned to Financial Institutions
  4/29/2009SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
  4/30/2009SenateHeld in Financial Institutions
  5/7/2009SenateHeld in Financial Institutions
  5/8/2009SenateRule 3-9(a) / Re-referred to Assignments
  5/26/2009SenateRule 2-10 Third Reading Deadline Established As May 31, 2009
  1/11/2011HouseSession Sine Die

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