Rep. André M. Thapedi
Filed: 3/4/2009
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| 1 | AMENDMENT TO HOUSE BILL 1704
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| 2 | AMENDMENT NO. ______. Amend House Bill 1704 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Residential Mortgage License Act of 1987 is | ||||||
| 5 | amended by adding Section 5-4 as follows: | ||||||
| 6 | (205 ILCS 635/5-4 new) | ||||||
| 7 | Sec. 5-4. Homeowner loan assistance. | ||||||
| 8 | (a) A licensee that is foreclosing on a loan must pay the | ||||||
| 9 | clerk of the court of the county that the foreclosure action is | ||||||
| 10 | commenced in a fee that is to be deposited into the Homeowner | ||||||
| 11 | Loan Assistance Fund. The fee that the licensee must pay is | ||||||
| 12 | equal to $5 for every $1,000 that is sought as part of the | ||||||
| 13 | foreclosure action. | ||||||
| 14 | (b) The Homeowner Loan Assistance Fund is created as a | ||||||
| 15 | special fund in
the State treasury. All moneys in the Homeowner | ||||||
| 16 | Loan Assistance Fund shall be
used by the Department to offer | ||||||
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| 1 | loan assistance to homeowners that are facing foreclosure. | ||||||
| 2 | Section 10. The State Finance Act is amended by adding | ||||||
| 3 | Section 5.719 as follows: | ||||||
| 4 | (30 ILCS 105/5.719 new) | ||||||
| 5 | Sec. 5.719. The Homeowner Loan Assistance Fund.
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| 6 | Section 99. Effective date. This Act takes effect upon | ||||||
| 7 | becoming law.".
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