Bill Status of HB 4011   96th General Assembly


Short Description:  MORTGAGE LOAN ORIGINATORS

House Sponsors
Rep. Marlow H. Colvin-Angelo Saviano-Deborah L. Graham

Senate Sponsors
(Sen. Kwame Raoul-Don Harmon-Jacqueline Y. Collins)


Last Action  View All Actions

DateChamber Action
  7/31/2009HousePublic Act . . . . . . . . . 96-0112

Statutes Amended In Order of Appearance
205 ILCS 635/1-2from Ch. 17, par. 2321-2
205 ILCS 635/1-4from Ch. 17, par. 2321-4
205 ILCS 635/2-2from Ch. 17, par. 2322-2
205 ILCS 635/2-3from Ch. 17, par. 2322-3
205 ILCS 635/2-4from Ch. 17, par. 2322-4
205 ILCS 635/2-6from Ch. 17, par. 2322-6
205 ILCS 635/3-1from Ch. 17, par. 2323-1
205 ILCS 635/3-2from Ch. 17, par. 2323-2
205 ILCS 635/3-4from Ch. 17, par. 2323-4
205 ILCS 635/4-1from Ch. 17, par. 2324-1
205 ILCS 635/4-2from Ch. 17, par. 2324-2
205 ILCS 635/4-5from Ch. 17, par. 2324-5
205 ILCS 635/4-7 new
205 ILCS 635/4-8.1A new
205 ILCS 635/4-8.3
205 ILCS 635/4-9.1 new
205 ILCS 635/Art. VII heading
205 ILCS 635/7-1A new
205 ILCS 635/7-2 new
205 ILCS 635/7-3 new
205 ILCS 635/7-4 new
205 ILCS 635/7-5 new
205 ILCS 635/7-6 new
205 ILCS 635/7-7 new
205 ILCS 635/7-8 new
205 ILCS 635/7-9 new
205 ILCS 635/7-10 new
205 ILCS 635/7-11 new
205 ILCS 635/7-12 new
205 ILCS 635/7-13 new
205 ILCS 635/7-14 new

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. States the purpose of the State's participation in the Nationwide Mortgage Licensing System and Registry. Contains provisions concerning (1) the application process, (2) the application form, and (3) averments of a licensee. Contains provisions concerning license issuance and renewal, including fees. Specifies the office and staff requirements for licensees. Provides that the Commissioner of Banks and Real Estate may enter into agreements in connection with the Nationwide Mortgage Licensing System and Registry. Prohibits the Commissioner from specified activities. Contains provisions concerning the suspension and revocation of licenses. Provides that the Director of the Division of Banking of the Department of Financial and Professional Regulation shall have additional investigation and examination authority. Contains provisions concerning the confidentiality of information associated with the Registry. Contains provisions concerning a mortgage loan originator license, its application, and issuance procedures. Contains provisions concerning pre-licensing education and testing of mortgage loan originators. Contains provisions concerning (1) license renewal standards and (2) continuing education of mortgage loan originators. Contains provisions concerning the duties, processes, discipline, bond requirements, and prohibited acts with respect to the Registry and mortgage loan originators. Makes other changes. Contains a severability clause. Effective immediately.

House Floor Amendment No. 1
Deletes everything after the enacting clause. Reinserts the contents of the introduced bill with the following changes. Further amends the Residential Mortgage License Act of 1987. Adds language concerning application fees and license issuance and renewal fees. In provisions concerning offices within the State, removes the requirement that an office must be located in a commercial location and restores language concerning zoning laws and ordinances. In provisions concerning the suspension of a license, provides that a licensee shall be subject to suspension or revocation for unauthorized employee actions only if there is a pattern of repeated violations by employees or the licensee has knowledge of the violations, or there is substantial harm to a consumer. In provisions concerning a mortgage loan originator license, changes language concerning operability. In provisions concerning the issuance of a license, adds language concerning the use of credit reports. Contains a severability clause. Effective immediately.

Senate Committee Amendment No. 2
Adds reference to:
205 ILCS 635/1-3from Ch. 17, par. 2321-3
205 ILCS 635/7-1

Further amends the Residential Mortgage License Act of 1987. Changes provisions concerning the necessity for a license. Changes provisions concerning the application for a license. Defines the terms "residential mortgage license" and "mortgage loan originator license". Changes provisions concerning the registration of loan originators. Changes provisions concerning the suspension and revocation of licenses. Changes provisions concerning a mortgage loan originator license. Makes a technical change.

Senate Floor Amendment No. 3
Removes certain nonprofit organizations from the definition of "exempt person or entity". Changes provisions concerning the operability dates of provisions concerning a mortgage loan originator license.

Actions 
DateChamber Action
  2/26/2009HouseFiled with the Clerk by Rep. Marlow H. Colvin
  2/26/2009HouseFirst Reading
  2/26/2009HouseReferred to Rules Committee
  3/3/2009HouseAssigned to Business & Occupational Licenses Committee
  3/11/2009HouseDo Pass / Short Debate Business & Occupational Licenses Committee; 013-000-000
  3/12/2009HousePlaced on Calendar 2nd Reading - Short Debate
  3/12/2009HouseAdded Chief Co-Sponsor Rep. Angelo Saviano
  3/12/2009HouseAdded Chief Co-Sponsor Rep. Deborah L. Graham
  3/19/2009HouseSecond Reading - Short Debate
  3/19/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/26/2009HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Marlow H. Colvin
  3/26/2009HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/30/2009HouseHouse Floor Amendment No. 1 Rules Refers to Business & Occupational Licenses Committee
  3/31/2009HouseHouse Floor Amendment No. 1 Recommends Be Adopted Business & Occupational Licenses Committee; 009-000-000
  4/1/2009HouseRecalled to Second Reading - Short Debate
  4/1/2009HouseHouse Floor Amendment No. 1 Adopted by Voice Vote
  4/1/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/2/2009HouseThird Reading - Short Debate - Passed 115-000-000
  4/15/2009SenateArrive in Senate
  4/15/2009SenatePlaced on Calendar Order of First Reading
  4/15/2009SenateChief Senate Sponsor Sen. John J. Cullerton
  4/15/2009SenateAdded as Alternate Chief Co-Sponsor Sen. Don Harmon
  4/15/2009SenateFirst Reading
  4/15/2009SenateReferred to Assignments
  4/22/2009SenateAssigned to Financial Institutions
  4/22/2009SenateAlternate Chief Sponsor Changed to Sen. Kwame Raoul
  4/30/2009SenateHeld in Financial Institutions
  5/5/2009SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kwame Raoul
  5/5/2009SenateSenate Committee Amendment No. 1 Referred to Assignments
  5/6/2009SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Kwame Raoul
  5/6/2009SenateSenate Committee Amendment No. 2 Referred to Assignments
  5/6/2009SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  5/6/2009SenateSenate Committee Amendment No. 2 Assignments Refers to Financial Institutions
  5/7/2009SenateSenate Committee Amendment No. 1 Held in Financial Institutions
  5/7/2009SenateSenate Committee Amendment No. 2 Adopted
  5/7/2009SenateDo Pass as Amended Financial Institutions; 011-000-000
  5/7/2009SenatePlaced on Calendar Order of 2nd Reading May 12, 2009
  5/8/2009SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  5/15/2009SenateSecond Reading
  5/15/2009SenatePlaced on Calendar Order of 3rd Reading May 17, 2009
  5/17/2009SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Kwame Raoul
  5/17/2009SenateSenate Floor Amendment No. 3 Referred to Assignments
  5/18/2009SenateSenate Floor Amendment No. 3 Assignments Refers to Financial Institutions
  5/18/2009SenateSenate Floor Amendment No. 3 Recommend Do Adopt Financial Institutions; 010-000-000
  5/19/2009SenateRecalled to Second Reading
  5/19/2009SenateSenate Floor Amendment No. 3 Adopted; Raoul
  5/19/2009SenatePlaced on Calendar Order of 3rd Reading
  5/19/2009SenateThird Reading - Passed; 057-000-001
  5/19/2009SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  5/19/2009HouseArrived in House
  5/19/2009HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 2, 3
  5/19/2009HouseSenate Committee Amendment No. 2 Motion Filed Concur Rep. Marlow H. Colvin
  5/19/2009HouseSenate Floor Amendment No. 3 Motion Filed Concur Rep. Marlow H. Colvin
  5/19/2009HouseSenate Committee Amendment No. 2 Motion to Concur Referred to Rules Committee
  5/19/2009HouseSenate Floor Amendment No. 3 Motion to Concur Referred to Rules Committee
  5/26/2009HouseSenate Committee Amendment No. 2 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
  5/26/2009HouseSenate Floor Amendment No. 3 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
  5/30/2009HouseSenate Committee Amendment No. 2 House Concurs 117-000-000
  5/30/2009HouseSenate Floor Amendment No. 3 House Concurs 117-000-000
  5/30/2009SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
  5/30/2009HousePassed Both Houses
  6/26/2009HouseSent to the Governor
  7/31/2009HouseGovernor Approved
  7/31/2009HouseEffective Date July 31, 2009
  7/31/2009HousePublic Act . . . . . . . . . 96-0112

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