Bill Status of HB 5331   98th General Assembly

Short Description:  MORTGAGE LIC/PROP DISCLOSURE

House Sponsors
Rep. Michael J. Zalewski-Marcus C. Evans, Jr.-Camille Y. Lilly

Senate Sponsors
(Sen. Antonio Muņoz)


Last Action  View All Actions

DateChamber Action
  11/21/2014HouseTotal Veto Stands - No Positive Action Taken

Statutes Amended In Order of Appearance
205 ILCS 635/1-4
205 ILCS 635/2-2
205 ILCS 635/2-4from Ch. 17, par. 2322-4
205 ILCS 635/3-2from Ch. 17, par. 2323-2
765 ILCS 77/70
765 ILCS 77/72
765 ILCS 77/74
765 ILCS 77/76
765 ILCS 77/78
765 ILCS 77/80

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. From the definition of "exempt person or entity", deletes pension trusts, bank trusts, and bank trust companies. Provides that an applicant for a residential mortgage license that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements. Provides that the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements. Makes changes concerning which financial statements are required under the Act. Makes other changes. Amends the Residential Real Property Disclosure Act. Throughout the Act, changes references to "HUD-certified counseling" to "HUD-approved counseling". Provides that certain deadlines are counted by business days rather than calendar days. Provides that it is the borrower's responsibility to (rather than "the borrower shall") select a HUD-approved counseling agency. Provides that the selection must take place and the appointment for the interview must be set within 10 business days, although the interview may take place beyond the 10 business day period. Provides that if a lis pendens is recorded, it may be filed with the Department of Financial and Professional Regulation either electronically or by filing a hard copy. Provides that all information entered into the predatory lending database must be true and correct to the best of the originator's knowledge. Provides that the originator shall, prior to closing, correct, update, or amend the data as necessary. Provides that if any corrections become necessary after the file has been accessed by the closing agent or housing counselor, a new file must be entered. Changes the predatory lending database pilot program to the predatory lending database program. Provides if certain exemptions to certain filing and reporting requirements apply, a certificate of exemption is required. Adds to the list of exemptions to the predatory lending database program mortgages secured by certain types of property and mortgages originated by an exempt person or entity. Effective immediately.

House Floor Amendment No. 2
Restores language providing that the broker or originator shall submit specified information contained in the mortgage application for inclusion in the predatory lending database.

Senate Floor Amendment No. 1
Deletes reference to:
205 ILCS 635/1-4
205 ILCS 635/2-2
205 ILCS 635/2-4from Ch. 17, par. 2322-4
205 ILCS 635/3-2from Ch. 17, par. 2323-2
765 ILCS 77/70
765 ILCS 77/72
765 ILCS 77/74
765 ILCS 77/76
765 ILCS 77/78
765 ILCS 77/80
Adds reference to:
625 ILCS 5/3-412from Ch. 95 1/2, par. 3-412
625 ILCS 30/5from Ch. 95 1/2, par. 905
625 ILCS 30/7

Replaces everything after the enacting clause. Amends the Illinois Vehicle Code. Amends the Section concerning registration plates and registration stickers if and only if House Bill 4075 of the 98th General Assembly becomes law. Provides that the registration plate requirements for commercial ridesharing vehicles apply to vehicles used in commercial ridesharing arrangements as provided in the Ridesharing Arrangements and Consumer Protection Act for more than 36 hours in any 2 week (14 consecutive day) period, rather than 18 hours per week. Amends the Ridesharing Arrangements and Consumer Protection Act. Amends a Section concerning home rule regulation of commercial ridesharing arrangements amended by House Bill 4075 if and only if House Bill 4075 of the 98th General Assembly becomes law. Removes the exception to the limitation on home rule power for regulating licenses. Provides that if a unit of local government, whether or not it is a home rule unit, regulates the fare of any vehicle, including a taxicab, used in commercial ridesharing arrangements, that regulation shall apply equally to all vehicles used in commercial ridesharing arrangements. Amends a Section concerning licensing and registration of commercial ridesharing arrangements added by House Bill 4075 if and only if House Bill 4075 of the 98th General Assembly becomes law. Provides that the license, registration plate, vehicle age, and safety standard requirements for drivers and vehicles in commercial ridesharing arrangements apply to drivers and vehicles participating in commercial ridesharing arrangements for more than 36 hours in any 2 week (14 consecutive day) period, rather than 18 hours per week. Provides that dispatchers must carry commercial liability insurance in the amount of $350,000 combined single limit per accident. Provides that when a dispute exists as to whether a loss or injury giving rise to a claim occurred while a vehicle involved in the incident giving rise to the claim was made available for dispatch or while a commercial ridesharing arrangement passenger was in the vehicle, if it is determined that the claim did not occur while the vehicle was made available for dispatch or a commercial ridesharing passenger was in the vehicle, then the vehicle's registered owner's primary automobile liability insurer shall indemnify the dispatcher. Removes the provision stating that if a private passenger motor vehicle's registered owner or its insurer is named as a defendant in a civil action for any loss or injury that occurs during the time the vehicle is made available for dispatch, the dispatcher shall have the duty to defend and indemnify the vehicle's registered owner and its insurers. Removes the provision that insurers may exclude coverage and duty to defend under an insurance policy for a loss or injury that occurs while the vehicle is made available for dispatch or while a commercial ridesharing arrangement passenger is in the vehicle notwithstanding any provision in the owner's insurance policy or the Ridesharing Arrangements and Consumer Protection Act to the contrary. Retains the provision that insurers may exclude coverage or the duty to defend in cases where there is not a provision to the contrary in the owner's policy or the Ridesharing Arrangements and Consumer Protection Act. Effective immediately.

Actions 
DateChamber Action
  2/7/2014HouseFiled with the Clerk by Rep. Michael J. Zalewski
  2/10/2014HouseFirst Reading
  2/10/2014HouseReferred to Rules Committee
  3/13/2014HouseAssigned to Business & Occupational Licenses Committee
  3/21/2014HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski
  3/21/2014HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/26/2014HouseDo Pass / Short Debate Business & Occupational Licenses Committee; 010-000-000
  3/26/2014HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  3/27/2014HousePlaced on Calendar 2nd Reading - Short Debate
  3/27/2014HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski
  3/27/2014HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/7/2014HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 005-000-000
  4/7/2014HouseSecond Reading - Short Debate
  4/7/2014HouseHouse Floor Amendment No. 2 Adopted
  4/7/2014HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/8/2014HouseThird Reading - Short Debate - Passed 114-000-000
  4/8/2014SenateArrive in Senate
  4/8/2014SenatePlaced on Calendar Order of First Reading April 9, 2014
  4/8/2014SenateChief Senate Sponsor Sen. Jacqueline Y. Collins
  4/9/2014SenateFirst Reading
  4/9/2014SenateReferred to Assignments
  4/23/2014SenateAssigned to Financial Institutions
  5/7/2014SenateDo Pass Financial Institutions; 007-000-000
  5/7/2014SenatePlaced on Calendar Order of 2nd Reading May 8, 2014
  5/8/2014SenateSecond Reading
  5/8/2014SenatePlaced on Calendar Order of 3rd Reading May 12, 2014
  5/13/2014SenateAlternate Chief Sponsor Changed to Sen. Antonio Muņoz
  5/14/2014SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muņoz
  5/14/2014SenateSenate Floor Amendment No. 1 Referred to Assignments
  5/14/2014SenateSenate Floor Amendment No. 1 Assignments Refers to Executive
  5/14/2014SenateSenate Floor Amendment No. 1 Recommend Do Adopt Executive; 013-002-000
  5/15/2014SenateRecalled to Second Reading
  5/15/2014SenateSenate Floor Amendment No. 1 Adopted; Muņoz
  5/15/2014SenatePlaced on Calendar Order of 3rd Reading
  5/15/2014SenateThird Reading - Passed; 048-007-001
  5/15/2014HouseArrived in House
  5/15/2014HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/19/2014HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Michael J. Zalewski
  5/19/2014HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/28/2014HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Business & Occupational Licenses Committee
  5/28/2014HouseAdded Chief Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/28/2014HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Business & Occupational Licenses Committee; 012-000-000
  5/30/2014HouseSenate Floor Amendment No. 1 House Concurs 100-010-001
  5/30/2014HouseHouse Concurs
  5/30/2014HousePassed Both Houses
  5/30/2014HouseAdded Chief Co-Sponsor Rep. Camille Y. Lilly
  6/27/2014HouseSent to the Governor
  8/25/2014HouseGovernor Vetoed
  11/6/2014HousePlaced on Calendar Total Veto November 6, 2014
  11/17/2014HouseMotion Filed Override Governor Veto Rep. Michael J. Zalewski
  11/21/2014HouseTotal Veto Stands - No Positive Action Taken

Back To Top