Sen. Kwame Raoul
Filed: 5/17/2009
 
 

 




 

 		












09600HB4011sam003

LRB096 05294 MJR 26981 a






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AMENDMENT TO HOUSE BILL 4011




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    AMENDMENT NO. ______. Amend House Bill 4011, AS AMENDED, in 
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Section 5, Sec. 1-4, subsection (d), by deleting the following:


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    "(7) A nonprofit organization that is recognized as tax 
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    exempt under 26 U.S.C. 501(c)(3) whose primary activity is 
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    the construction, remodeling, or rehabilitation of homes 
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    for sale to and or use by low-income families is exempt 
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    from this Section provided that:
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            (A)     the nonprofit organization makes no profit 
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        mortgage loans to low-income families; and
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            (B)      no fees accrue directly to the nonprofit 
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        organization from those mortgage loans."; and

 
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in Section 5, Sec. 7-1A, by replacing subsection (b) with the 
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following:
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    "(b)  In order to facilitate an orderly transition to 
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licensing and minimize disruption in the mortgage marketplace, 
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the operability date for subsection (a) of this Section shall 
 


 






09600HB4011sam003
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LRB096 05294 MJR 26981 a




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be as provided in this subsection (b). For this purpose, the 
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Director may require submission of licensing information to the 
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Nationwide Mortgage Licensing System  and Registry prior to the 
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operability dates designated by the Director pursuant to items 
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(1) and (2) of this subsection (b). 
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        (1)  For all individuals other than individuals 
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    described in item (2) of this subsection (b), the 
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    operability date as designated by the Director shall be no 
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    later than July 31, 2010, or any date approved by the 
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    Secretary of the U.S. Department of Housing and Urban 
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    Development, pursuant to the authority granted under 
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    federal Public Law 110-289, Section 1508.
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        (2)  For all individuals registered as loan originators 
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    as of the effective date of this amendatory Act of the 96th 
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    General Assembly, the operability date as designated by the 
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    Director shall be no later than January 1, 2011, or any 
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    date approved by the Secretary of the U.S. Department of 
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    Housing and Urban Development, pursuant to the authority 
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    granted under Public Law 110-289, Section 1508. 
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        (3) For all individuals described in item (1) or (2) of 
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    this subsection (b) who  are loss mitigation specialists 
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    employed by servicers, the operability date shall be July 
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    31, 2011, or any date approved by the Secretary of the U.S. 
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    Department of Housing and Urban Development pursuant to 
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    authority granted under Public Law 110-289, Section 
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    1508.".