Rep. Margo McDermed

Filed: 3/14/2017

 

 


 

 


 
10000HB0527ham001LRB100 06709 SMS 23356 a

1
AMENDMENT TO HOUSE BILL 527

2    AMENDMENT NO. ______. Amend House Bill 527 as follows:
 
3on page 1, line 5, by replacing "1-3 and 1-4" with "1-3, 1-4,
4and 3-3"; and
 
5on page 25, immediately below line 25, by inserting the
6following:
 
7    "(205 ILCS 635/3-3)  (from Ch. 17, par. 2323-3)
8    Sec. 3-3. Advertising. In addition to such other rules,
9regulations and policies as the Secretary Commissioner may
10adopt promulgate to effectuate the purpose of this Act, the
11Secretary Commissioner shall adopt rules prescribe regulations
12governing the advertising of mortgage loans, including without
13limitation, the following requirements:
14        (a) Advertising for loans transacted under this Act may
15    not be false, misleading, or deceptive. No entity whose

 

 

10000HB0527ham001- 2 -LRB100 06709 SMS 23356 a

1    activities are regulated under this Act may advertise in
2    any manner so as to indicate or imply that its interest
3    rates or charges for loans are in any way "recommended",
4    "approved", "set", or "established" by the State or by this
5    Act. The Secretary Commissioner may issue a cease and
6    desist order for any violation of this Section.
7        (b) Mortgage loan advertisements must reference the
8    Nationwide Mortgage Licensing System and Registry's
9    Consumer Access website, except where exempted by the
10    Secretary. All advertisements by a licensee shall contain
11    the name and an office address of such entity, which shall
12    conform to a name and address on record with the
13    Commissioner.
14        (c) No licensee shall advertise its services in
15    Illinois in any media, whether print or electronic, without
16    the words "Illinois Residential Mortgage Licensee".
17(Source: P.A. 87-1098.)".