96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB0856


 
Introduced 2/10/2009, by Rep. Kevin Joyce
 
SYNOPSIS AS INTRODUCED:
 		














205 ILCS 635/3-7
  from Ch. 17, par. 2323-7







    Amends the Residential Mortgage Licensing Act of 1997. Provides that whenever a licensee seeks to transfer or sell the servicing of a residential mortgage, the licensee must retain a 25% interest in the servicing of the residential mortgage. Effective immediately.
















LRB096 09404 MJR 19561 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0856

LRB096 09404 MJR 19561 b






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    AN ACT concerning financial 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 changing Section 3-7 as follows:
 



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    (205 ILCS 635/3-7)  (from Ch. 17, par. 2323-7)



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    Sec. 3-7. Transfer of servicing; notices; retention of 
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interest in servicing. Transfer of Servicing; Notices.  
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    (a) Whenever the servicing
of a residential mortgage is 
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transferred or sold by a licensee,
notice shall be given to the 
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mortgagor simultaneous with such
transfer and shall include, at 
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the minimum, where and to
whom to address the mortgagor's 
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questions relating to the residential
mortgage, the exact name, 
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address and telephone number to whom at
least the next 3 months 
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payments are to be submitted and the total
amount required of 
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the mortgagor by the servicer for each of the
months referred 
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to herein.
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    (b) Whenever a licensee seeks to transfer or sell the 
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servicing of a residential mortgage, the licensee must retain a 
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25% interest in the servicing of the residential mortgage. 

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(Source: P.A. 86-137.)

 

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    Section 99. Effective date. This Act takes effect upon 
 


 






HB0856
- 2 -
LRB096 09404 MJR 19561 b




1
becoming law.