Rep. André M. Thapedi
Filed: 3/4/2009
 
 

 




 

 		












09600HB1704ham001

LRB096 05312 MJR 22389 a






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AMENDMENT TO HOUSE BILL 1704 




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    AMENDMENT NO. ______. Amend House Bill 1704 by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Residential Mortgage License Act of 1987 is 
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amended  by adding Section 5-4 as follows:
 
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    (205 ILCS 635/5-4  new)
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    Sec. 5-4. Homeowner loan assistance.
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    (a) A licensee that is foreclosing on a loan must pay the 
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clerk of the court of the county that the foreclosure action is 
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commenced in a fee that is to be deposited into the Homeowner 
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Loan Assistance Fund. The fee that the licensee must pay is 
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equal to $5 for every $1,000 that is sought as part of the 
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foreclosure action.
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    (b) The Homeowner Loan Assistance Fund is created as a 
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special fund in
the State treasury. All moneys in the Homeowner 
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Loan Assistance Fund shall be
used by the Department to offer 
 


 






09600HB1704ham001
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LRB096 05312 MJR 22389 a




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loan assistance to homeowners that are facing foreclosure.
 
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    Section 10. The State Finance Act is amended by adding 
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Section 5.719 as follows:
 
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    (30 ILCS 105/5.719 new)
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    Sec. 5.719. The Homeowner Loan Assistance Fund.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".