Bill Status of SB 251   96th General Assembly

Short Description:  RESIDENTIAL MTG LICENSE-TECH

Senate Sponsors
Sen. Terry Link

Last Action  View All Actions

DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 635/5-6
765 ILCS 77/70
765 ILCS 77/78

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. In provisions concerning verification, provides that stated income should be accepted only if there are mitigating factors that clearly minimize the need for direct verification of ability to repay or the licensee is originating the loan directly for a federally insured financial institution that is subject to applicable federal regulation. Amends the Residential Real Property Disclosure Act. Changes the definitions of "adjustable rate mortgage" and "interest only" to include additional specified criteria. Provides that exemptions from the Act also include (1) any loan that qualifies to be processed through the automated underwriting system of Fannie Mae or Freddie Mac and (2) any loan that is a refinance of a FHA loan which only reduces the interest rate and reduces the loan payment for the borrower without additional borrower cost.

Senate Committee Amendment No. 1
Deletes reference to:
205 ILCS 635/5-6
765 ILCS 77/70
765 ILCS 77/78
Adds reference to:
205 ILCS 635/1-1from Ch. 17, par. 2321-1

Replaces everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Makes a technical change in the Section concerning the short title of the Act.

Actions 
DateChamber Action
  2/4/2009SenateFiled with Secretary by Sen. Terry Link
  2/4/2009SenateFirst Reading
  2/4/2009SenateReferred to Assignments
  2/10/2009SenateAssigned to Financial Institutions
  2/27/2009SenatePostponed - Financial Institutions
  3/6/2009SenatePostponed - Financial Institutions
  3/10/2009SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Terry Link
  3/10/2009SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/11/2009SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/12/2009SenateSenate Committee Amendment No. 1 Adopted
  3/12/2009SenateDo Pass as Amended Financial Institutions; 011-000-000
  3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009
  8/15/2009SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/12/2011SenateSession Sine Die

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