Financial Institutions Committee
Filed: 3/10/2009
 
 

 




 

 		












09600HB0856ham001

LRB096 09404 MJR 23119 a






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AMENDMENT TO HOUSE BILL 856 




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    AMENDMENT NO. ______. Amend House Bill 856 by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Illinois Banking Act is amended  by adding 
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Section 32.5 as follows:
 
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    (205 ILCS 5/32.5  new)
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    Sec. 32.5. Residential mortgages; original lender retains 
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interest. A bank organized under the laws of this State that is 
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a lender for a residential mortgage must retain a permanent 25% 
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interest in the value of the loan.
 
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    Section 10. The Illinois Savings and Loan Act of 1985 is 
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amended  by adding Section 1-6g as follows:
 
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    (205 ILCS 105/1-6g  new)
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    Sec. 1-6g. Residential mortgages; original lender retains 
 


 






09600HB0856ham001
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LRB096 09404 MJR 23119 a




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interest. A savings and loan association organized under the 
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laws of this State that is a lender for a residential mortgage 
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must retain a permanent 25% interest in the value of the loan.
 
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    Section 15. The Savings Bank Act is amended  by adding 
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Section 6005.5 as follows:
 
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    (205 ILCS 205/6005.5  new)
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    Sec. 6005.5. Residential mortgages; original lender 
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retains interest. A savings bank organized under the laws of 
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this State that is a lender for a residential mortgage must 
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retain a permanent 25% interest in the value of the loan.
 
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    Section 20. The Illinois Credit Union Act is amended  by 
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adding Section 51.5 as follows:
 
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    (205 ILCS 305/51.5  new)
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    Sec. 51.5. Residential mortgages; original lender retains 
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interest. A credit union organized under the laws of this State 
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that is a lender for a residential mortgage must retain a 
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permanent 25% interest in the value of the loan.".