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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6215
Introduced 2/11/2010, by Rep. André M. Thapedi SYNOPSIS AS INTRODUCED:
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205 ILCS 635/5-4 new |
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30 ILCS 105/5.756 new |
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Amends the Residential Mortgage License Act of 1987. Provides that a licensee that is foreclosing on a loan must pay the clerk of the court of the county that the foreclosure action is commenced in a fee that is to be deposited into the Homeowner Loan Assistance Fund. Provides that the fee that the licensee must pay is equal to $5 for every $1,000 that is sought as part of the foreclosure action. Amends the State Finance Act to create the Homeowner Loan Assistance Fund as a special fund in
the State treasury. Provides that all moneys in the Homeowner Loan Assistance Fund shall be
used by the Department to offer loan assistance to homeowners that are facing foreclosure. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB6215 |
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LRB096 16710 MJR 31999 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 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 |
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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 5.756 as follows:
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| (30 ILCS 105/5.756 new) |
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| Sec. 5.756. The Homeowner Loan Assistance Fund.
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