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| | SB2615 Engrossed | | LRB100 16030 XWW 31149 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Residential Mortgage License Act of 1987 is |
| 5 | | amended by changing Section 3-3 as follows:
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| 6 | | (205 ILCS 635/3-3) (from Ch. 17, par. 2323-3)
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| 7 | | Sec. 3-3. Advertising. In addition to such other rules, |
| 8 | | regulations
and policies as the Secretary Commissioner may |
| 9 | | adopt promulgate to effectuate the purpose of
this Act, the |
| 10 | | Secretary Commissioner shall adopt rules prescribe regulations |
| 11 | | governing the
advertising of mortgage loans, including without |
| 12 | | limitation, the following
requirements:
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| 13 | | (a) Advertising for loans transacted under this Act may not |
| 14 | | be false,
misleading, or deceptive. No entity whose activities |
| 15 | | are regulated under
this Act may advertise in any manner so as |
| 16 | | to indicate or imply that its
interest rates or charges for |
| 17 | | loans are in any way "recommended", "approved",
"set", or |
| 18 | | "established" by the State or by this Act. The Secretary |
| 19 | | Commissioner may issue
a cease and desist order for any |
| 20 | | violation of this Section.
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| 21 | | (b) Mortgage loan advertisements must reference the |
| 22 | | Nationwide Multistate Licensing System and Registry's Consumer |
| 23 | | Access website, except where exempted by the Secretary. All |